Sears Posts Small Rise in Earnings
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CHICAGO — Sears, Roebuck & Co. said Monday that its second-quarter earnings edged higher as improved results at its merchandise group and increased income at its Dean Witter Reynolds financial unit were offset by a deferred tax charge.
Sears said it earned $239.3 million, up from $237.9 million a year earlier.
Without the $64.1-million tax charge, incurred by Sears’ Allstate Insurance Group, the company’s earnings would have risen 27.5% to $303.4 million.
Revenue for the quarter rose 1.7% to $14.09 billion from $13.85 billion in the same period last year.
The merchandise group’s income rose to $156.9 million from $110 million for the same period last year.
Allstate’s income fell to $75.7 million after the deferred tax charge.
The Dean Witter Financial Services Group, which includes the company’s brokerage firm and its Discover card operations, reported a 55.7% gain in income.
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