Sears Canada continues to bleed money.
So much so, the company is increasing its 2016 cost-cutting target in an effort to return to profitability. The national chain of retail stores says it’s now aiming to lower its annual costs by between $127 million and $155 million.
Sears Canada announced the change along with a first quarter net loss, which grew to $63.6 million from $59.1 million a year earlier.
Overall revenue was down 14.5 per cent, dropping to $595.9 million from $697.2 million.
The decline is being attributed to a number of factors including a drop in big-ticket items such as major appliances following the termination of a credit card agreement.