* Q3 loss $1.29/share; Street view loss $1.34

* Sales fall 36 pct to $665.8 mln, missing estimates

* Shares up more than 11 pct (Adds comments from conference call, updates shares)

By James B. Kelleher

CHICAGO, Oct 29 (Reuters) - Brunswick Corp (BC.N: Quote, Profile, Research) reported a narrower-than-expected quarterly loss on Thursday, sending its shares up more than 11 percent, as aggressive cost-cutting helped offset continued weakness in its core marine market.

The world's largest maker of recreational boats as well as bowling, billiards and fitness products posted a third-quarter net loss of $114.3 million, or $1.29 a share, compared with a net loss of $729.1 million, or $8.26 a share, a year earlier.

Sales fell 36 percent to $665.8 million.

Analysts, on average, had expected a net loss of $1.34 a share on sales of $701.1 million, according to Thomson Reuters I/B/E/S.

"The revenue shortfall does not concern us since the current period is about drawing down channel inventories, and the only way to accomplish that is by not producing and selling boats," said Hayley Wolff, an analyst at Rochdale Securities.