Second-quarter credit revenues for Sears Roebuck & Company declined 13% from a year ago, to $973.4 million, primarily due to lower late fee income and a reduction in the level of owned credit card receivables. The company said yesterday that credit quality has improved significantly and has more than offset any decline in credit revenues. Sears reported Thursday that its net earnings were driven by the performance of its credit business. At the end of the second quarter Sears held $26.2 billion in domestic card receivables compared to $27.2 billion for 2Q/98. Net U.S. charge-offs for 2Q/99 logged in at 7.11% compared to 7.37% last year. Delinquencies have declined to 7.29% for 2Q/99 from 8.07% for 1Q/99 and 9.28% for 4Q/98. For complete details on Sears’ 2Q/99 performance visit CardData ([www.carddata.com]).