BANGALORE (Reuters) — Struggling department store chain Sears Canada Inc. reported its ninth loss in 14 quarters as sales continued to decline.
Same-store sales fell 6.8 percent in the second quarter ended Aug. 2.
Same-store sales at Sears's home and hard lines business dropped 9.3 percent. The company blamed the slump partly on a relatively cold spring.
Total revenue fell 12 percent to $845.8 million, said Sears Canada, whose sales have declined for six straight years.
The company, which traces its Canadian roots back to the early Fifties, has lost market share to aggressive U.S. rivals such as Wal-Mart Stores Inc. and Target Corp.
It has eliminated about 3,000 positions since November, closed many stores and sold several of its most valuable leases over the past year, including one for its flagship store at Toronto Eaton Centre.
Hedge fund billionaire Eddie Lampert and his Sears Holdings Corp. said in May they were looking to sell their 51 percent stake in Sears Canada.
Buyout firm Sycamore Partners was considering a bid for Sears Canada, New York Post reported this month.
Second-quarter operating loss widened to $64.2 million from $5.3 million a year ago, Sears Canada said.
The company reported a net loss of $21.3 million, or $19.45 million U.S. dollars), or 21 Canadian cents per share, compared with a profit of $152.8 million, or $1.50 per share, a year earlier.
The year-ago quarter's profit included a one-time pre-tax gain of $185.7 million.
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