02/25/2015 08:41 EST | Updated 04/27/2015 05:59 EDT

Sears Canada's Revenue Shrinks As Sales Decline, Stores Close

Lucas Oleniuk via Getty Images
TORONTO, ON - OCTOBER 29: Toronto's downtown Sears store located in the Eaton Centre is one of five locations that will put their leases up for sale. October 29, 2013. (Lucas Oleniuk/Toronto Star via Getty Images)

TORONTO - 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 in the three months ended Jan. 31 compared with a year-earlier profit of $18 million.

For the full year, Sears Canada had a $338.8 million net loss, or $3.22 per share in 2014.

That compared with a 2013 net profit of $446.5 million, or $4.38 per share, which included gains from the early termination of leases on some of its major Sears stores, real estate sales and other usual items.

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