The Vancouver Sun reports in its Thursday edition Sears Canada lost $21.3-million in its latest quarter. A Canadian Press dispatch to The Sun says Sears blamed the loss on severance and impairment charges and an unseasonably cool spring that hurt sales. The loss amounted to 21 cents per share in the second quarter, compared with a profit of $152.8-million, or $1.50 per share, in the same period last year when its results were boosted by early lease terminations. Revenue for the 13-week period ended Aug. 2 totalled $845.8-million compared with $960.1-million last year. The drop came as same-store sales dropped 6.8 per cent, which the company attributed partly to the unseasonably weather. "We took aggressive markdowns to clear aged inventory and surplus spring merchandise, and ended the quarter with 20 per cent less spring/summer inventory than last year," said Sears chief executive officer Douglas Campbell in a release. Mr. Campbell also noted that the company cut costs by 13.3 per cent in the quarter compared with a year ago after excluding restructuring and other one-time items. CP figures Sears Canada's main competition comes from Hudson's Bay and Walmart. It closed Wednesday at $15.95, down 12 cents.