Sears Net Income Rises on Record Revenue in Quarter

Sears, Roebuck & Co., parent of the largest U.S. retailer, reported that its second-quarter earnings totaled $284.9 million, a 7.3% increase over the same period last year, on record quarterly sales of $10.75 billion.

The company said earnings for the three months ended June 30 compared to earnings of $265.5 million on sales of $9.84 billion in the like 1985 quarter.

Edward A. Brennan, chairman and chief executive, said second-quarter earnings benefited by $27.8 million in reduced pension expense, primarily in the Sears merchandise group.

Second-quarter income for the Sears merchandise group was $166.2 million, compared to $137.8 million last year. The 20.6% increase was the result of reduced pension expenses and improved trends in sales and margins, the company said.

The Allstate Insurance group reported second-quarter earnings of $185.6 million, compared to $152.5 million.