August 17, 2010 / 1:19 PM / 7 years ago

CORRECTED - UPDATE 1-Sears Canada profit drops on lower sales

(Corrects revenue to C$1.2 billion from C$1.2 million in bullets and in the third paragraph)

* EPS of C$0.29 vs EPS of C$0.45

* Revenues fall 3 percent to C$1.2 billion

* Same-store sales fall 2.4 percent

TORONTO, Aug 17 (Reuters) - Retailer Sears Canada SCC.TO said on Tuesday its quarterly profit dropped as weaker consumer confidence weighed on sales.

For the second quarter ended July 31, net income fell to C$31.9 million ($30.1 million), 29 Canadian cents a share. That compares with C$49.1 million, or 45 Canadian cents, for the same quarter a year earlier.

Revenues dropped 3 percent at C$1.2 billion while same-store sales, or sales in stores opened at least a year, fell 2.4 percent.

$1=$1.04 Canadian Reporting by Solarina Ho; Editing by Frank McGurty

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