Sears, Roebuck and Co. today reported net income of U.S. $309 million, or $1.04 per share, for the second quarter ended June 28, 2003, compared with net income of $229 million, or $0.71 per share, in the second quarter of 2002. According to the company, its second quarter 2003 earnings included a pretax gain of $93 million, or $0.20 per share, on the sale of previously charged-off credit card accounts, which was partially offset by a pretax charge of $28 million, or $0.06 per share, for severance costs associated with a productivity improvement program to further streamline the company's home office and field operations.
Retail and Related Services reported operating income of $183 million for the second quarter of 2003, compared with operating income of $300 million in the second quarter of 2002. The decrease reflects lower gross margins on full-line store sales due to clearance activity and a highly promotional retail environment, according to the company. Revenues for the second quarter were $7.8 billion, an increase of 0.9 percent over the same period last year. A revenue increase from the addition of Lands' End, which was acquired in June 2002, was partially offset by revenue decreases in retail stores. Comparable store sales for the quarter declined 3.5 percent.
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