Sears Canada reported a loss of CAD1.18 per share (-$0.89) for the third quarter ended Oct 29, a wider loss than the CAD52 per share loss reported in the same quarter last year. Total revenue of CAD625.2 million declined from CAD792.1 million a year ago.
Same store sales were down 7.1% from the third quarter of 2015 as a result of the non-recurrence of a wide range of 9% consumer financing deals on the Sears credit card, as well as an overall decrease in transactions after elevated levels of loyalty point redemptions in anticipation of the impending termination of the credit card agreement.
Separately, the company has appointed Billy Wong as chief financial officer. Mr. Wong was named interim CFO in July after the departure of previous CFO E.J. Bird. Shares are unchanged at $1.75, near the low of its 52-week range of $1.55 to $7.23.