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.