CANADA: Sears Canada Profit Up 50 Per Cent, Sales Flat
Second-quarter profit at department store chain Sears Canada rose nearly 50 per cent to C$17.4 million from C$8.8 million last year as cost and inventory cuts kicked in. Sales, however, were just 0.6 per cent higher, to C$1.59 billion from C$1.58 billion, mainly because of the late summer. Same-store sales fell 3 per cent during the quarter.