May 18, 1985
Unders terms of an agreement in principle, Sears' Dean Witter Financial Services group will acquire all of the shares of Hurley State Bank, which has assets of $12 million. Terms were not disclosed. The acquisition is likely to go through unless the Federal Deposit Insurance Corp. objects over the next 90 days. The bank, whose commercial loan portfolio will be sold, will become part of the new Discover credit card operation that Sears will introduce this fall.
July 24, 1985
Sears, Roebuck & Co., citing a slowdown in the economy combined with one-time property sales that boosted 1984 figures, said its second-quarter profit fell 25% from a year ago. Net income for the three months totaled $265.5 million, compared to $356 million a year earlier, the company said. Revenue rose 4.2% to $9.84 billion from $9.44 billion. Last year's second-quarter earnings included a one-time gain of $64.1 million from the sale of properties and a debt-equity swap.
April 22, 1987
Sears, Roebuck reported that its first-quarter net income rose 47.4% on the strength of higher income in nearly all its divisions. The results for the nation's largest retailer reflected an after-tax charge of $20 million for the previously announced restructuring of the Sears merchandise group distribution system. Revenue was up 11.6% from a year earlier. Sears said that excluding the $20-million charge, all of the company's business groups had improved results.
July 23, 1991 |
Sears, Roebuck & Co. said Monday that its second-quarter earnings edged higher as improved results at its merchandise group and increased income at its Dean Witter Reynolds financial unit were offset by a deferred tax charge. Sears said it earned $239.3 million, up from $237.9 million a year earlier. Without the $64.1-million tax charge, incurred by Sears' Allstate Insurance Group, the company's earnings would have risen 27.5% to $303.4 million. Revenue for the quarter rose 1.7% to $14.
June 20, 1991 |
Sears, Roebuck & Co. has suffered a setback in its efforts to launch a Visa card after a Denver federal appeals court judge blocked its plans to solicit customers through a thrift. Sears planned to mail information in March about the cards to about 6.5 million consumers before Visa lodged an appeal. Visa said it would be unfair for Sears to muscle in on its territory since the retailer already issues its own Discover card. "We think it's a wise decision," Visa spokesman said.
July 22, 1992 |
Sears, Roebuck & Co. said Tuesday that its second-quarter earnings rose 15.5% despite a lackluster showing by its struggling retail business. The giant retailing and financial services company reported income of $345.8 million, or 90 cents a share, up from $299.4 million, or 87 cents a share, in the same period last year. Revenue rose 1.3% to $14.27 billion from $14.09 billion. Second-quarter income for the Sears Merchandise Group fell 50% to $78.5 million from $156.
November 7, 1992 |
The issuer of the nation's largest credit card is about to add another card to its lineup. But many card-saturated consumers may not pay much attention. Dean Witter Financial Services Group, whose Discover card is the nation's most widely held, said it would launch its Prime Option Visa card early next year after winning a court victory on Thursday allowing it to encroach on its competitor's turf. The move is a natural path of expansion for Dean Witter, a unit of Sears, Roebuck & Co.
October 23, 1992 |
Sears, Roebuck & Co. reported its first loss in nearly 60 years Thursday, racking up $833.7 million in red ink during the third quarter after a huge rise in claims for hurricane damage and a costly auto-repair scandal. The company's performance was also hurt by a $20.5-million write-off of its minority investment in the Phar-Mor Inc. drugstore chain, which filed for Chapter 11 bankruptcy protection in August.