Toronto, Ontario, July 20--Sears Canada Ltd. reported a larger second-quarter profit on Wednesday on higher sales and said it is still evaluating options for its credit card unit and will make a decision in the third quarter.
Sears Canada, which has 122 department stores across the country, said earnings including non-comparable items were C$10.9 million ($8.9 million), or 10 Canadian cents a share, for the three months to July 2.
That compared with a profit of C$4.6 million, or 4 Canadian cents a share, in the same period the year before.
Excluding non-comparable items, Sears Canada said it earned C$10.8 million, or 10 Canadian cents a share, for the quarter, compared with C$9.7 million, or 9 Canadian cents a share, last year.
Analysts had expected, on average, a profit of 11 Canadian cents a share.
Sears Canada, majority owned by U.S.-based Sears Holdings Corp., said revenue rose 2.3 percent to C$1.52 billion from C$1.49 billion.
Sales at stores open more than one year, called same-store sales, decreased 2.5 percent.
($1=$1.22 Canadian)
