Sears Canada Inc experienced an unexpected loss in their third quarter sales period, with a weakening back to school season.
The company recently posted a net loss of $46.6 million in their three months ended October 30, 2011, down from $20.8 million just last year. Calvin McDonald released a statement this past week noting the company is “not pleased with our results this quarter and have significant work ahead of us.”
Sears Canada Inc has been struggling to overcome lagging sales over the past few quarters as more consumers opted to spend their money elsewhere, and retailers ramp up their marketing efforts in anticipation of the entry of Target Corp. into the Canadian marketplace.
No word yet as to how Sears Canada Inc plans to ramp up their marketing efforts, but it will be interesting to see sales figures after the holiday season in comparison to last year's sales.