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Sears sees third-quarter loss

Sears Canada said Friday it saw its third-quarter loss more than double to $120.0 million from $53.2 million during the same period last year as revenue declined.

The loss amounted to $1.18 per share, compared with 52 cents per share a year ago.

Quarterly revenue was $625.2 million, down 21.1 per cent compared to the third quarter of 2015, when the company had $792.1 million in revenue.

"We have much work to do and are fully committed to driving necessary change," Brandon G. Stranzl, executive chairman, said in a statement.

Same-store sales at Sears Canada (TSX:SCC) — those at locations open during the third quarters of 2015 and 2016 — totalled $507.5 million. That's down from $616.8 million last year when the company had more shops.

It operates 211 corporate and hometown stores, down from 306 in the same quarter last year, according to Sears Canada statements.



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