Sears Canada Q3 net loss decreases

Sears Canada Inc., a multi channel retailer, has reported a net loss of C$21.9 million, or C$0.22 loss per share, for the third quarter ended October 27, 2012, compared to net loss of C$44.1 million, or C$0.42 loss per share, for the same quarter ended October 29, 2011.

Revenue for the third quarter ended October 27, 2012 was C$1.04 billion, compared to C$1.11 billion for the same quarter ended October 29, 2011.

Net earnings for the nine months ended October 27, 2012 were C$61.3 million, or C$0.6 per share, compared to net loss of C$91.3 million, or C$0.87 loss per share, for the same period ended October 29, 2011.

Revenue for the nine months ended October 27, 2012 was C$3 billion, compared to C$3.25 billion for the same period ended October 29, 2011.

Calvin McDonald, president and CEO, Sears Canada Inc. said, "Our decrease in revenue was primarily due to a significant reduction in promotional and clearance sales in apparel, declines in pre-season sales of snowblowers, and the planned exiting of certain product lines and reduced sales of televisions in electronics. We carefully managed expenses and reduced our spend in payroll and marketing and advertising expenses."