Allstate’s Quake Rebound Puts Sears Back in the Black
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Allstate Corp. rebounded from last year’s California earthquake losses to help Chicago-based parent Sears, Roebuck & Co. post first-quarter earnings of $559 million, contrasted with a year-earlier loss of $98 million.
The Sears Merchandise Group performed below some analysts’ expectations but still produced respectable results relative to other retail chains.
Sears, Roebuck’s earnings, released Thursday, were equal to $1.41 per share, contrasted with a loss of 27 cents a share a year earlier.
The year-ago results included an Allstate loss of $221 million, blamed mainly on damage claims from the Northridge earthquake. For this year’s first quarter, Allstate contributed $435 million in profit to Sears’ bottom line.
Sears’ overall revenue rose 5.6%, to $13 billion from $12.3 billion for the first quarter of 1994.
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