Sears, Roebuck Posts $262.2-Million Profit
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Citing claims from hurricanes Elena and Gloria, the Allstate Insurance Group reported a net loss of $33 million, but parent Sears, Roebuck & Co. still managed a third-quarter profit of $262.2 million on revenue of $10 billion.
During last year’s third quarter, Sears’ net income was a record $322 million on revenue of $9.7 billion.
In 1984, third-quarter results for the Allstate group included a one-time credit of $60 million, reflecting a reduction in deferred income taxes due to the Tax Reform Act.
Edward R. Telling, Sears’ chairman and chief executive, said this year’s third-quarter results reflected a deceleration in the growth of personal income and soft economic conditions in a highly competitive marketplace.
He said Sears’ 100th anniversary celebration, beginning next month, is “a decided plus as we enter the all-important Christmas season.”
For the nine months, Sears earned $751 million, compared to $891.7 million a year ago. Revenue was $28.65 billion, up from $27.46 billion.
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