Sears Canada Posts Q3 Loss

Sears Canada reported a wider loss for the third quarter. The Toronto-based company posted a quarterly net loss of C$118.7 million, or C$1.16 per share, versus a year-ago loss of C$48.8 million, or 48 Canadian cents per share. The recent quarter results included pre-tax impairment charges of $44.4 million, versus pre-tax impairment charges of $22.6 million in the year-ago quarter. The latest quarter also included an income tax expense of $43.7 million, versus an income tax recovery of $16.7 million. The latest quarter also included pre-tax transformation expenses of $4.0 million, versus $20.2 million Its overall revenue declined 15% to 834.5 million Canadian dollars ($739 million) in the quarter. Adjusted EBITDA was a loss of $19.4 million, versus adjusted EBITDA of $7.3 million. Its same-store sales dropped 9.5% in the quarter, while same-store sales slipped 8% year-to-date. "These results are disappointing, and the management team is focused on making Sears Canada successful first and foremost by building on its relationship with Canadians by providing great fashionable product made of high quality at affordable prices," said Ron Boire, Acting President and Chief Executive Officer, Sears Canada Inc.