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UPDATE 1-Sears Canada's same-store sales rise for first time in two years

Published 2015-12-03, 07:38 a/m
© Reuters. UPDATE 1-Sears Canada's same-store sales rise for first time in two years
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Dec 3 (Reuters) - Canadian department store operator Sears
Canada Inc SCC.TO SRSC.O said its same-store sales rose 0.4
percent in the third quarter - the first rise in two years -
helped by higher sales of major appliances, furniture and
mattresses.
The company, whose largest shareholder is Sears Holdings
Corp SHLD.O Chief Executive Eddie Lampert and his hedge fund,
has closed stores and cut jobs as it has lost market share to
aggressive rivals such as Wal-Mart Stores Inc (N:WMT) WMT.N .
Toronto-based Sears Canada said on Thursday it was aiming
for additional cost savings of C$30 million-C$40 million on an
annualized basis in the current quarter.
It said it expected to incur a one-time cost of C$15
million-C$20 million for the entire cost reduction program.
The retailer's net loss narrowed to C$53.2 million ($39.9
million), or 52 Canadian cents per share, in the three months
ended Oct. 31, from C$118.7 million, or C$1.16 per share, a year
earlier.
The company, which traces its Canadian roots back to the
early 1950s, said its operating loss fell to C$49.7 million from
C$88.7 million in the same quarter last year.
Sears Canada's shares have fallen 4.3 percent this year,
closing at C$10.76 on Wednesday.
($1 = C$1.33)

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