Sears Canada posts bigger quarterly loss due to one-time charges

Tue Nov 19, 2013 7:13am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Nov 19 (Reuters) - Struggling department store chain Sears Canada Inc reported a wider quarterly loss as it took one-time charges of C$42.8 million related to restructuring and asset impairment.

Net loss widened to C$48.8 million ($46.8 million), or 48 Canadian cents per share, in the third quarter, from C$21.9 million, or 22 Canadian cents per share, a year earlier.

Revenue fell about 6 percent to C$982.3 million in the three months ended Nov. 2.

The Toronto-based company, 51-percent owned by U.S. department store chain Sears Holdings Corp, announced a one-time dividend of C$5 per share or C$509 million, payable on Dec. 6.