August 16, 2011 / 12:13 PM / in 7 years

UPDATE 1-Sears Canada records loss amid sales decline

TORONTO, Aug 16 (Reuters) - Retailer Sears Canada Inc SCC.TO reported a quarterly net loss on Tuesday, compared with a profit a year before, as sales at its established stores continued to drop amid heightened competition.

The company’s second-quarter net loss was C$2.7 million ($2.7 million), or 3 Canadian cents a share, compared with net earnings of C$20.5 million, or 19 Canadian cents a share, a year earlier.

Sales at its stores open for at least a year fell 5.8 percent. Revenue fell 5.3 percent to C$1.15 billion.

U.S. parent Sears Holdings Corp (SHLD.O) owns a 93 percent stake in Sears Canada, according to Thomson Reuters data. ($1=0.99 Canadian) (Reporting by S. John Tilak, editing by Gerald E. McCormick)

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