reported third-quarter net income that beat analysts' estimates and rose sharply from a year-ago, on the strength of the credit business and the company's share repurchase program.
The retailer reported third-quarter earnings of $278 million, or 81 cents a share, compared with $236 million, or 62 cents a share, including a charge, in the year-ago period. Analysts were expecting the company to earn 80 cents a share for the period, according to a
First Call/Thomson Financial
survey. The company earned 69 cents a share in the year-ago period before the charge.
Revenue rose 4.7% to $9.63 billion from $9.20 billion a year ago. Domestic comparable-store sales rose 3.5%. Revenue increased because of improvements in full-line stores and Sears Canada.