Sears Canada Swings To Q1 Loss

Sears Canada

swung to a loss in the first quarter. Sears Canada also appointed E.J. Bird as its chief financial officer. It posted a quarterly net loss of C$31.2 million ($30.3 million), or 31 Canadian cents a share, versus a year-ago net profit of C$93.1 million, or 91 Canadian cents a share. Its revenue declined more than 6% to C$867.1 million, while sales at established stores dropped 2.6%. Sears Canada shares closed at $9.16 yesterday.