Department store retailer Sears Canada Inc. says profits fell in the second quarter as tighter consumer spending squeezed by recession and colder summer weather cooled sales across the country. The Toronto-based retailer reported yesterday it booked profits of $49.1-million or 45 cents per share for the quarter ended Aug. 1, down from year-earlier net earnings of $61.5-million or 57 cents per share. Sears says quarterly sales sagged 12 per cent to $1.25-billion compared with $1.42-billion a year ago. Same-store sales, or sales at locations that have been open for at least a year, dropped 10 per cent during the quarter. SCC (TSX) fell 25 cents to $20.75.
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