Sears sees third-quarter loss more than double to $120 million as revenue drops

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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 — 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.Article Continued BelowIt operates 211 corporate and hometown stores, down from 306 in the same quarter last year, according to Sears Canada statements.Read more about: Sears Canada

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