UPDATE 1-Sears Canada's earnings jump on lower expenses

Tue Feb 23, 2010 7:40am EST

* EPS C$1.19 vs C$0.92

* Revenue down 5.6 percent

* Same store sales drop 1.7 percent

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TORONTO, Feb 23 (Reuters) - Sears Canada Inc (SCC.TO), the country's No. 2 department-store chain, said on Tuesday its quarterly profit jumped 29 percent helped by lower expenses.

Sears Canada, which is majority owned by Sears Holdings Corp (SHLD.O), earned C$128.2 million ($122.8 million), or C$1.19 a share, in the fourth quarter ended Jan. 30, up from from C$99.1 million, or 92 Canadian cents a share, a year earlier.

Revenue fell 5.6 percent to C$1.53 billion as stores at open for at least a year, a key performance measure known as same-store sales, dropped 1.7 percent. ($1=$1.04 Canadian) (Reporting by Scott Anderson)

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