Sears Canada posts profit due to gain from card portfolio sale

Fri Mar 18, 2016 8:00am EDT
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March 18 (Reuters) - Canadian department store operator Sears Canada Inc swung to a quarterly profit, helped by a gain on the termination of a credit card agreement.

Net income for the quarter ended Jan. 30 was C$30.9 million ($24 million) compared with a loss of C$123.6 million a year earlier.

Sears Canada booked a gain of C$170.7 million from the sale of JPMorgan & Chase Co's Canadian credit card portfolio associated with the store operator.

Revenue fell 8.7 percent to C$887.6 million. ($1 = 1.2978 Canadian dollars) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Saumyadeb Chakrabarty)