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Sears Hometown and Outlet 3Q net income rises

Published on NewsOK Modified: November 30, 2012 at 5:50 am •  Published: November 30, 2012

HOFFMAN ESTATES, Ill. (AP) — Sears Hometown and Outlet Stores' fiscal third-quarter net income rose 29 percent as sales of appliances, mattresses and clothing climbed.

The company, which was recently spun off from Sears Holdings Corp., earned $8.8 million, or 38 cents per share, for the period ended Oct. 27. That's up from $6.8 million, or 29 cents per share, a year earlier.

Revenue increased 3 percent to $556.9 million from $539 million.

CEO and President Bruce Johnson said in a statement on Friday that online sales, cell phone sales, store-to-home sales and web-to-store sales rose 28 percent in the quarter. Consumer electronic sales fell more than 30 percent, but Johnson said that it is consistent with the company's strategy to move away from that low-margin business in favor of higher-margin categories like appliances and mattresses.

Revenue at stores open at least a year, a key gauge of a retailer's health, climbed 3.1 percent. This figure excludes results from stores recently opened or closed.

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