Toronto, Ontario, October 20, 2005--Sears Canada reported a third-quarter loss, mainly because of pretax charges and staffing costs.
The company said it lost C$37.4 million ($31.6 million), or $0.35 a share, in the latest quarter, down from a profit of C$12.7 million, or $0.12 a share, in the year-before period.
Sears Canada said it took a charge of C$62.7 million during the quarter as it dealt with severance costs stemming from the restructuring of certain departments and positions.
The retailer also took a pre-tax charge of C$21.1 million related to stock-based compensation to avoid a dilution of its shares.
Sears Canada, which has 122 department stores across the country, said revenue was flat in the quarter at C$1.486 billion.
Same-store sales for the period were off 8.2 percent.
