May 17, 2011 / 1:52 PM / 7 years ago

UPDATE 1-Sears Canada reports bigger quarterly loss

TORONTO, May 17 (Reuters) - Retailer Sears Canada Inc SCC.TO recorded a bigger quarterly loss on Tuesday due to a steep decline in sales at its established stores.

Sales at stores open for at least a year, a key measure for retailers, fell 9.2 percent in the company’s first quarter, ended April 30.

Sears Canada said it had a net loss of C$49.5 million ($50.5 million), or 47 Canadian cents a share, compared with a loss of C$8.8 million, or 8 Canadian cents a share, a year earlier. Revenue fell 7 percent to C$992.5 million.

Sears Holdings Corp (SHLD.O) owns a 92.4 percent stake in Sears Canada, according to Thomson Reuters data.

    $1=$0.98 Canadian Reporting by S. John Tilak; editing by Peter Galloway

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