P.M. BRIEFING : Sears Announces 15.6% Drop in Profits for Third Quarter
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CHICAGO — Sears, Roebuck & Co. today announced a 15.6% drop in its third-quarter profit, reflecting sharply lower income from its retailing and Allstate Insurance Co. operations.
Allstate’s earnings were hit hard by damage claims after Hurricane Hugo. The hurricane, which battered the southeastern U.S. coast, caused the largest single storm-damage loss in Allstate’s history, Sears said.
Sears reported net income of $257.5 million, or 75 cents a share, for the three months ended Sept. 30, contrasted with $305 million, or 80 cents a share, in the same period a year earlier.
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