Sears, Roebuck & Co.: The Chicago-based company...

Sears, Roebuck & Co.: The Chicago-based company reported fourth-quarter profit of $602.1, compared to $117.4 million during the same period in 1988, an increase of 413%, after major restructuring and business disposition charges. For the year, profit was $1.51 billion, an increase of 4% over 1988. Revenue for the fourth quarter rose 4.2% over the previous year to $15.18 billion. For the full year, revenue was up 7.1% over the 1988 figure, for a total of $53.79 billion. Fourth-quarter earnings reflected after-tax charges for the restructuring of Sears Merchandise Group and a loss on the sale of the Allstate group life-health insurance business. For the year, Allstate’s performance was depressed by record claims after Hurricane Hugo and the Bay Area Quake, partly offset by increased contributions from life insurance operations.