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STANLEY EARNINGS GROW 11% DESPITE WEAK CONSTRUCTION INDUSTRY
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Hartford Courant
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Hartford, Conn.
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Stanley also said in its statement Wednesday that the loss of Sears, Roebuck and Co. as a customer for mechanics tools cut earnings in the April-June quarter by 4 cents a share. Sears dropped Stanley, effective Jan. 1, as a supplier of wrenches, ratchets and sockets bearing the Craftsman brand. Stanley said profits in the second period were $28.8 million, on sales of $560.9 million. In the April-June quarter last year, Stanley reported $25.9 million in profits, on sales of $490 million. The company attributed most of the sales gain to the effect of acquisitions last year and in the first months of this year. Reproduced with permission of the copyright owner. Further reproduction or distribution is prohibited without permission.
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Hartford Courant, 285 Broad Street, Hartford, CT 06115