Sears rebounds with 3Q profit. (Business Today).(Sears, Roebuck and Co.)(Brief Article)(Statistical Data Included)
Home Textiles Today, October, 2001 by Hogsett, Don
HOFFMAN ESTATES, IL -- Rebounding from a loss in the second quarter, Sears, Roebuck and Co. recorded a third-quarter profit of $262.0 million, down 5.8 percent from $278.0 million last year. Shoring up the bottom line, operating profits in retail and related services jumped up by 18.8 percent, to $82.0 million from $69.0 million a year ago.
But hampered by a growing rate of consumer defaults, operating profits in the credit business grew just 1.0 percent, to $393.0 million from $389.0 million. Overall sales at the retail giant edged up by 1.7 percent, to $9.8 billion from $9.6 billion, with a big 24.2 percent increase in credit revenues offsetting a 1.3 percent drop in merchandise sales and services, to $8.4 billion from $8.5 billion a year ago....
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