Selling units, Sears triples profits.(Business Today)(department store Sears, Roebuck and Co.)
Home Textiles Today, February, 2004 by Hogsett, Don
HOFFMAN ESTATES, ILL. -- Banking $4.1 billion from the sale of its credit-card and financial-services business, Sears, Roebuck and Co. more than tripled fourth-quarter profits, which soared by 224.2 percent, to $2.7 billion from $848 million last year. In another non-recurring lift to the bottom line, the retailer pocketed another $81 million from the sale of its National Tire & Battery unit.
Looking at what's left, sales in its core retailing business improved by 5.2 percent during the Christmas quarter, to $11.6 billion from $11.1 billion last year, helped by an additional week in last year's 53-week calendar. But the crucial gauge of same-store sales declined by 2.1 percent, hurt, the retailer said, by "later than anticipated consumer season...
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