UPDATE 2-Sears Canada posts steepest fall in sales in five years

Wed May 21, 2014 1:19pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* First-quarter net loss more than doubles

* Sales falls 11 pct, same-store sales down 7.6 pct

* Sales of Spring merchandise were below last year-CEO

* Sears Canada's shares marginally lower

* Shares of parent co Sears Holdings falls 4.7 pct (Adds background on Sears Canada and Target, updates share price)

May 21 (Reuters) - Sears Canada Inc posted its steepest fall in quarterly sales in almost five years, denting the struggling department store chain's turnaround efforts.

Sears Canada's shares were little changed, but shares of Sears Holdings Corp, which said last week it was looking to sell its 51 percent stake in Sears Canada, fell as much as 4.7 percent.

Sears Canada, whose sales have declined for six straight years, echoed its Canadian rivals in blaming a prolonged winter in the country for its net loss more than doubling in the first quarter ended May 3.

"Sales of Spring merchandise were below last year, as winter-like weather was prevalent in most parts of the country well into the new season, with cooler temperatures and significantly more snow in many areas," CEO Douglas Campbell said in a statement.   Continued...