Sears Canada posts quarterly profit on lower costs

Wed Sep 2, 2015 7:14am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Sept 2 (Reuters) - Canadian department store chain Sears Canada reported a quarterly profit, helped by lower costs and a one-time gain on sale of properties.

The company reported a profit of C$13.5 million ($10.20 million), or 13 Canadian cents per share, in the second quarter ended Aug. 1, compared with a loss of C$21.3 million, or 21 Canadian cents per share, a year earlier.

Net income included a pre-tax gain of C$67.2 million on a sale and leaseback of three properties in British Columbia and Alberta.

Same-store sales, a key measure of retail performance, fell 3.9 percent. ($1 = 1.3230 Canadian dollars) (Reporting by Anannya Pramanick in Bengaluru; Editing by Anil D'Silva)