UPDATE 1-Sears Canada posts loss as demand dips for home products

Wed May 22, 2013 8:36am EDT
 
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* First-quarter loss C$0.31/shr vs profit C$0.91/share last yr

* Revenue falls 6.6 pct, same-store sales dip 2.6 pct

* Home and hardlines sales fall 9 pct

* Major appliances rev drops 6 pct

* Names E.J. Bird chief financial officer

May 22 (Reuters) - Department store chain Sears Canada Inc posted a loss in the first quarter compared with a profit last year, as demand for its home products and major appliances fell.

Sears Canada, 51 percent owned by U.S.-based Sears Holdings Corp, has been facing increasing competition as U.S. retailers such as Wal-Mart Stores Inc expand their Canadian operations and new ones like Target Corp enter the country.

Target opened its first Canadian stores in March and plans to have more than 100 by the end of this year.

Sears Canada, which operates 181 company-owned stores, reported a net loss of C$31.2 million ($30.3 million), or 31 Canadian cents per share, compared with a net profit of C$93.1 million, or 91 Canadian cents per share, a year earlier.   Continued...