Sears Canada posts smaller quarterly loss

Wed May 20, 2015 7:24am EDT
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May 20 (Reuters) - Struggling department store chain Sears Canada Inc reported a smaller first-quarter loss, helped by slower decline in its same-store sales.

"We began to see signs that our business was performing better this quarter," Chief Executive Ron Boire said in a statement on Wednesday. "Still, we know much work lies ahead of us."

The company's net loss narrowed to C$59.1 million ($48.4 million), or 58 Canadian cents per share, in the quarter ended May 2 from C$75.2 million, or 74 Canadian cents per share, a year earlier. ($1 = C$1.22) (Reporting by Sayantani Ghosh in Bengaluru; Editing by Kirti Pandey)