Sears, Roebuck & Co. has reported a fourth-quarter profit of $543 million, down slightly from a year ago, despite higher revenue.
The company attributed the smaller profit to the elimination of investment tax credits, the costs of dismantling the domestic operations of the world trade unit, increased provision for uncollectible accounts and accounting changes.
For the final period, earnings totaled $543 million, down about 1.7% from the $552.3 million, earned during the fourth quarter of 1985. Revenue increased 7.5% to $12.97 billion from $12.07 billion.
For the full 12 months, Sears' earnings increased to $1.35 billion, a 3.8% rise from the $1.30 billion earned in 1985. Revenue increased 8.7% to $44.28 billion.