SEARS SALES AND PROFITS UP

CHICAGO -- Sears, Roebuck & Co., benefitting from a massive cost-cutting program in its core retail business, has posted better-than-expected profit for the second quarter.

The retailing land financial services company said net income rose 0.6 percent, to $239.3 million, or 70 cents a share, up from the year-earlier level of $237.9 million, or 69 cents a share. Earnings jumped 28 percent before a charge of $64.1 million, or 18 cents a share, for certain tax payments in the latest period.

Revenue increased 1.7 percent, to 14.09 billion, up from the $13.85 billion for the same period a year ago.