• Q3 loss widens to CAD48.8m (US$46.8m) versus CAD21.9m 
  • Revenues fell 6.4% to CAD982.3m from CAD1.05bn 
  • Same store sales edged up 1.2%

Retailer Sears Canada has today (19 November) reported a wider third-quarter loss, hurt by lower sales and CAD42.8m restructuring costs. 

"This is the first quarterly same store sales increase for the company since 2008," said president and CEO Doug Campbell.

"October was our strongest month of the quarter, during which we adjusted our plans to market conditions and experienced double-digit same store sales increases in both our apparel and accessories and home and hardlines categories."

Sears Canada said its direct business grew "substantially" during the quarter. Excluding CAD42.8m in non-recurring items, the firm reduced expenses by 8.6% year-on-year.

"While we are pleased with our results for the quarter and October in particular, more work lies ahead of us to create a platform for sustainable growth.

"We are re-establishing fundamentals across the enterprise to ensure we have a solid foundation on which to continue growing the business," Campbell added.