Sears Canada profit drops on lower sales

By Reuters
Posted Aug. 17, 2010 at 11:45 a.m.

Retailer Sears Canada said on Tuesday its quarterly profit dropped as weaker consumer confidence weighed on sales.

For the second quarter ended July 31, net income fell to C$31.9 million, 29 Canadian cents a share. That compares with C$49.1 million, or 45 Canadian cents, for the same quarter a year earlier.

Revenues dropped 3 percent at C$1.2 million while same-store sales, or sales in stores opened at least a year, fell 2.4 percent.


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