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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: orkrious who wrote (214903)1/16/2003 8:26:47 AM
From: Secret_Agent_Man  Read Replies (1) of 436258
 
Sears, shows softer side, but headlines dont read that way-g-
Operating income decreased by $63 million or 14.8 percent from the prior year as favorable funding costs and higher revenues were more than offset by a higher provision for uncollectible accounts.

Fourth quarter domestic Credit and Financial Products revenues increased 4.4 percent from a year ago, to $1.4 billion due to higher average receivable balances. Credit receivables at the end of the fourth quarter grew 11.5 percent over the prior year to $30.8 billion.

Funding costs declined by $43 million or 15.1 percent from last year's quarter due to a favorable interest rate environment.

The domestic provision for uncollectible accounts increased by $160 million or 40.9 percent over last year's period due to higher charge-offs and a $150 million increase to the allowance for uncollectible accounts. The allowance increase reflects the growth in Sears Gold MasterCard receivables, as well as increases in the net charge-off rate and delinquencies. The net charge-off rate for the fourth quarter increased to 5.40 percent from 5.23 percent last year primarily due to increased customer bankruptcy filings over last year. Delinquencies for the quarter increased to 7.69 percent compared to 7.58 percent last year. The domestic allowance for uncollectible accounts of $1.8 billion is 5.79 percent of ending credit receivables as of the end of the fourth quarter of 2002 compared to 5.57 percent at the end of last quarter.

I wonder?
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