Improving credit quality contributed to Sears, Roebuck and Co.’s record second-quarter net income of $388 million. Credit operating income increased by 26.3% due to higher revenues, improved portfolio quality, securitization activity, and reductions in selling and administrative expense.
SEARS CARD 2Q/00 SNAPSHOT (U.S. only)
Receivables: $25,144,000,000 $26,103,000,000
Chargeoffs: 5.09% 7.11%
Delinquency: 7.15% 7.29%
Net Interest Margin: 13.80% 13.63%
Source: CardData (www.carddata.com)