EARNINGS: Sears Up, Wards Down

Since World War II, Chairman Robert E. Wood of Sears, Roebuck & Co., No. i mail-order house, has gone in for freehanded expansion, spent around $300 million to increase its retail outlets from 610 to 694 and another $26 million to open 24 stores in Latin America. On the other hand, crusty old Sewell L. Avery, 80, chairman of Montgomery Ward & Co., the No. 2 mail-order house, has been expecting a bad depression, has closed down an estimated 31 stores and shortened leases on others.

Last week the results of both policies...

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