EARNINGS : Sears Posts 30% Profits Drop
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From Times Wire Services
CHICAGO — Sears, Roebuck & Co. today reported a 30% drop in third-quarter earnings, the third straight quarterly decline in profits for the retailing and financial services giant.
Sears blamed the weak third-quarter performance mainly on lower gains from property sales in its Coldwell Banker real estate subsidiary.
The company’s struggling retailing division posted a 7.6% gain in the third quarter after suffering a decline in the second quarter and a loss in the first.
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