Mixed profit story as Sears pares its forecast.
Home Textiles Today, July, 2003 by Hogsett, Don
HOFFMAN ESTATES, IL -- Raising $93 million from the previously announced sale of bad debt in its credit card business, Sears, Roebuck and Co. boosted second-quarter profits by 34.9 percent, to $309 million from $229 million a year ago.
But honing in on the company's core retailing business--and giving an idea of what Sears will look like once it peels off its entire credit operation to Citigroup later this year--operating profits in the retailing business plunged by almost 40 percent, declining by 39.0 percent, to $183 million from $300 million last year, a daunting profit shortfall of $117 million.
Overall company profits, combining retail and credit, were relatively flat, edging up by 0.5 percent, to $10.2 billion from $10.1 billion last year....
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