TORONTO - Sears Canada Inc. (TSX: SCC) reduced its net loss in the third quarter to $21.9 million, about half what the department store chain racked up last year.
The loss amounted to 22 cents per share — an improvement from the year-earlier loss of $44.1 million or 42 cents per share.
The third quarter of 2011 included negative items related to clearing excess inventory and internal restructuring at the national department store operation.
Sears says its revenue in this year's third quarter ended Oct. 27 was $1.03 billion, down about $76 million from a year earlier.
Sears Canada's chief executive, Calvin McDonald, says the quarter's revenue was down partly because of fewer promotional and clearance sales of apparel.
The company was also had lower pre-winter sales of snowblowers and reduced sales of televisions.