Sears Income Slumps 25% During 2nd Quarter

Sears, Roebuck & Co., citing a slowdown in the economy combined with one-time property sales that boosted 1984 figures, said its second-quarter profit fell 25% from a year ago.

Net income for the three months totaled $265.5 million, compared to $356 million a year earlier, the company said.

Revenue rose 4.2% to $9.84 billion from $9.44 billion.

Last year’s second-quarter earnings included a one-time gain of $64.1 million from the sale of properties and a debt-equity swap.

Sears’ merchandise group recorded second-quarter profits of $137.8 million, down from $213.3 million for the period last year, the company said.

Among the company’s other subsidiaries, Allstate Insurance group had profits of $152.5 million for the second quarter, up from $146.4 million in the same period last year.

Dean Witter Financial Services group had second-quarter profits of $12.2 million, compared to last year’s second-quarter loss of $22.7 million.

Coldwell Banker Real Estate logged $4.8 million in profits for the quarter, down from $32.5 million during the same period a year ago, when it got income from the sale of shopping centers, the company said.