Sears, Roebuck and Co. Tuesday reported a 35 percent increase in fourth-quarter earnings to $513.1 million.
The $513.1 million profit, or $1.48 a share, compares with $378.8 million, or $1.10 a share, a year earlier. Revenues increased by 2.6 percent to $15.9 billion from $15.5 billion.
For the year, net income increased 41.8 percent to $1.28 billion, or $3.71 a share, from $902.2 million, or $2.63 a share, in 1990. Revenues rose 2.3 percent to $57.2 billion from $55.9 billion.
Edward A. Brennan, Sears chairman and chief executive officer, noted that despite the prolonged recession, all Sears business groups had improved performances over the previous year.
”We enter 1992 in a much stronger position than we entered 1991,”
Brennan said. ”A major factor was the achievement of this year`s $600 million cost-reduction goal. We have made substantial progress, but there is much more to be done, and we will move further and faster.”
Earnings for the year reflect a new accounting standard that will eliminate the deferred tax charges taken by Sears throughout 1991. Before the accounting change, fourth-quarter net income was $552.6 million, or $1.60 a share, and net income for the year was $1.14 billion, or $3.32 a share.
