May 28, 2008 / 12:43 PM / 10 years ago

Sears Canada profit boosted by property sale

OTTAWA (Reuters) - Sears Canada SCC.TO reported a big jump in its first-quarter profit on Wednesday despite a drop in same-store sales, as results were lifted by a C$37.2 million ($37.5 million) one-time gain from the sale of property in Calgary, Alberta.

The company, Canada’s second-biggest department store chain, said net earnings rose to C$63.1 million, or 59 Canadian cents per share, from a profit of C$14.3 million, or 13 Canadian cents per share in the year-prior quarter.

($1=$0.99 Canadian)

Reporting by Susan Taylor; Editing by Scott Anderson

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