TORONTO -- Sears Canada Inc. says its second-quarter revenue was down 9.6 per cent from the same time last year and it would have lost money except for a one-time deal.
The national retailer's overall revenue for the 13 weeks ended Aug. 3 was $960.1 million, down from $1.06 billion a year earlier.
Part of the revenue decline was a reduced number of locations but same-store sales were also down 2.5 per cent.
Sears would have posted an $11-million loss during the quarter except for an agreement to vacate two Toronto-area stores by next March.
Sears Canada (TSX:SCC) reports its net income was $152.8 million or $1.50 per share, including an after-tax gain of $164.0 million.
Excluding the one-time gain related to giving up leases at stores in Toronto and Mississauga, Sears would lost 11 cents per share.
Its loss a year earlier was $9.8 million or 10 cents per share.
