Cost Cuts Help Sears Profit Beat Forecasts
Sears, Roebuck & Co. had a higher-than-expected second-quarter profit and raised its 2002 forecast as the largest U.S. department-store company cut costs and expanded its credit card business.
Net income was $420 million, or $1.31 a share, contrasted with a net loss of $197 million, or 60 cents, a year earlier. Sears had about $513 million in costs during the year-earlier quarter to change how it accounts for credit card income and from closing some units. Sales fell less than 1% to $10.14 billion.
Shares of the Hoffman Estates, Ill., retailer rose $1.42 to $45.75 on the NYSE.
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