Sears Q2 Income Hits $420M in Turnaround

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Sears, Roebuck and Co., Hoffman Estates, IL, yesterday reported second-quarter net income of $420 million compared with a net loss of $197 million in the second quarter of 2001.

The increase was attributed to continuing improvements in the company's retail and credit businesses.

The company also said that a selection of Lands' End's best-selling women's, men's and children's apparel and footwear will begin to roll out to more than 180 Sears stores late this fall. Stores in 10 markets are scheduled to offer Lands' End merchandise, including Chicago, Los Angeles, San Francisco, Boston, New York, Philadelphia, Hartford, CT, Madison, WI, Atlanta and Raleigh-Durham, NC.

About 15 percent to 20 percent of the stores' apparel selling space will carry Lands' End product. Full rollout to remaining Sears stores will continue through next year.

Retail and Related Services operating income, excluding non-comparable items, increased to $300 million from $213 million in the prior year.

Revenue in the second quarter totaled $7.7 billion, or 0.8 percent below last year's second-quarter revenue of $7.8 billion. Sales increases by product repair services, dealer stores, direct-to-customer and commercial sales were more than offset by declines in revenue in the full-line stores. Sales declined in softlines as a result of lower apparel sales and exits from the custom window treatment and installed floor covering businesses, partially offset by increased hardline sales.

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