CHICAGO — Sears, Roebuck & Co. said Tuesday that its earnings jumped in the fourth quarter and for all of 1991, but much of the rise was caused by a restructuring charge taken a year earlier.
Chicago-based Sears, the nation's third-largest retailer, said net income jumped 35.5% in the quarter that ended Dec. 31 to $513.1 million, or $1.48 a share, from $378.8 million, or $1.10 a share, a year earlier.
Revenue rose 2.6% to $15.97 billion from $15.56 billion.
Income in the fourth quarter of 1990 was reduced by a pretax charge of $264.4 million to pay for the one-time costs associated with a restructuring program.
Sears fell 37.5 cents to $39.875 a share on the New York Stock Exchange.
The long-term savings from the restructuring program were a major factor boosting 1991's results, Sears Chairman Edward Brennan said in a statement.