Sears Canada loss widens on low demand for seasonal products

Wed May 21, 2014 7:18am EDT
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May 21 (Reuters) - Retailer Sears Canada Inc's first-quarter loss more than doubled as sales continued to decline with low demand for spring merchandise.

The struggling company, 51-percent owned by Sears Holdings Corp, said its net loss widened to C$75.2 million ($69 million), or 74 Canadian cents per share, in the first quarter ended May 3, from C$31.2 million, or 31 Canadian cents per share, a year earlier.

Revenue fell 11 percent to C$771.7 million.

Sears Holdings said last week it was looking to sell its stake in the company, a move that could trigger a deal for all of Sears Canada. ($1 = 1.10 Canadian dollars) (Reporting By Shubhankar Chakravorty in Bangalore)