Bear Stearns Asset Sale Helps Profit Rise 22%

Bear Stearns Cos. said its fiscal fourth-quarter profit rose 22%, helped by the sale of a stake in a women’s clothing chain and an increase in bond trading.

The No. 6 U.S. securities firm earned $352.6 million, or $2.61 a share, in the quarter ended Nov. 30, up from $288 million, or $2.19, a year earlier. Revenue jumped 20% to $1.83 billion.

Bear Stearns was expected to earn $291 million, or $2.14 a share, based on the average estimate of 15 analysts surveyed by Thomson First Call. That estimate excludes gains from the sale of shares of retailer New York & Co.

Shares of Bear Stearns fell $1.80 to $102.70 on the NYSE.