Sears Profit Jumps 47%; Gains Spread Among Units
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Sears, Roebuck reported that its first-quarter net income rose 47.4% on the strength of higher income in nearly all its divisions.
The results for the nation’s largest retailer reflected an after-tax charge of $20 million for the previously announced restructuring of the Sears merchandise group distribution system.
Revenue was up 11.6% from a year earlier.
Sears said that excluding the $20-million charge, all of the company’s business groups had improved results.
The merchandise group’s earnings after the charge totaled $31.3 million, compared to $42.1 million a year earlier, and its revenue rose 5.7% during the quarter.
The Allstate Insurance group reported its earnings rose 40%, with the gain attributed to higher investment income, improved underwriting results and increased capital gains.
The Dean Witter Financial Services Group said it earned $6.1 million, compared to a $6.4-million loss a year earlier.
The Coldwell Banker Real Estate Group reported that earnings soared nearly 134%.
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