Sears Canada sees revenue slide in fourth quarter

Sears Canada Inc. says its fourth-quarter revenue was down 17.7 per cent from a year earlier to $972.5 million.

The national retailer said the decline was primarily due to store closures and a 9.1 per cent decline in same-store sales. It also had a net loss of $123.6 million or $1.21 per share, which included a writedown on the value of improvements made at its stores.

After adjustments in both years, Sears lost $28.8 million compared with a year-earlier profit of $18 million.