Sears Canada posts profit as costs decline

Wed Aug 21, 2013 7:15am EDT
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Aug 21 (Reuters) - Department store chain Sears Canada Inc posted a profit in the second quarter compared with a loss a year earlier due to lower costs and growth in its apparels and accessories business.

Sears Canada, 51 percent-owned by U.S. department store chain Sears Holdings Corp, said net profit was C$152.8 million, or C$$1.50 per share, compared with a net loss of C$9.8 million, or 10 Canadian cents per share, a year earlier.

Revenue fell 10 percent to C$960.1 million.

Sales at established stores, a key measure for retailers, fell 2.5 percent.