November 15, 2011 / 12:28 PM / 7 years ago

UPDATE 1-Sears Canada posts Q3 loss

* Q3 loss/shr C$0.44 vs EPS C$0.19 year ago

* Revenue down 7 pct

* Same-store sales drop 7.8 pct

Nov 15 (Reuters) - Retailer Sears Canada posted a third-quarter loss, hurt by excess inventories and restructuring costs.

Sears Canada, which is now 90.4 percent owned by Sears Holdings Corp, posted a net loss of C$46.6 million ($45.8 million), or 44 Canadian cents a share, compared with a profit of C$20.8 million, or 19 Canadian cents, a year ago.

Revenue dropped 7 percent to C$1.11 billion, while same-store sales, or sales at stores opened more than a year, fell 7.8 percent.

The company took a charge of C$45.6 million related to disposition of excess inventories and internal restructuring costs within its home services business unit, it said in a statement.

Shares of Sears Canada, which owns a network of 196 corporate stores, 260 dealer stores and 33 home-improvement showrooms, closed at C$13.05 on Monday on the Toronto Stock Exchange. ($1 = 1.017 Canadian Dollars) (Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel)

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