Sears’ Net Income Rises 35% on Lower Spending
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Sears, Roebuck & Co. said its second-quarter earnings climbed 35% as it spent less to prop up the credit card business being sold to Citigroup Inc.
Net income rose to $309 million, or $1.04 a share, from $229 million, or 71 cents, a year earlier, when Sears had costs for a change in how it accounts for uncollectable accounts.
Revenue rose less than 1% to $10.2 billion, Hoffman Estates, Ill.-based Sears said.
Profit at the retail division plunged 39% as Sears cut prices to attract shoppers.
Chief Executive Alan Lacy is counting on the remodeling of stores and the introduction of Lands’ End clothing to halt a 22-month slide in same-store sales.
Sears shares rose 5 cents to $38.25 on the NYSE.
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