Sears Sees Profits Rise but Sales Fall

CHICAGO Sears, Roebuck and Co. today reported net income of $192 million for the first quarter ending March 29, compared with $110 million in the same period last year.

The Hoffman Estates, Ill.-based retailer also reported a drop in sales and an operating loss of $23 million for the first quarter.

“Substantial progress was made in merchandise repositioning efforts with the launch of the Whole Home brand in home fashions and the continued rollout of Lands’ End,” said Alan Lacy, Sears’ chairman and chief executive officer, in an investors’ conference call. “While our repositioning efforts are still under way, we have set the groundwork for restoring top-line growth in the second half of this year.”

Meanwhile, Sears continues to evaluate its marketing efforts under the direction of chief customer and marketing officer Janine Bousquette. The merchant’s advertising is shared between WPP Chicago shops Ogilvy & Mather and Young & Rubicam.