Macy, Woolworth Report Sharp Profit Increases
The Associated Press
Nov. 13, 1985
Undated (AP) _ Two of the nation's largest retailers reported healthy increases in quarterly profits on Wednesday, with F.W. Woolworth Co. posting a 46 percent gain over a year ago and R.H. Macy & Co. Inc. announcing a 36 percent increase.
Woolworth, ranked eighth and headquartered in New York, said it had net income of $38 million, or $1.20 a share, in the fiscal third quarter ended Oct. 31. That compared with $26 million, or 82 cents a share, in the same period last year.
The company, which operates 5,356 stores including Woolworth's, Kinney Shoe and Richman apparel shops, reported total revenue of $1.48 billion during the quarter, compared with $1.41 billion a year ago.
Domestic sales improved by 6.1 percent and foreign sales rose 1.2 percent, although the foreign sales increase was depressed by foreign exchange rates, the company said.
For the first nine months of the fiscal year, Woolworth reported net income of $71 million, or $2.21 a share, and total revenue of $4.1 billion. In the same period last year, the company had net income of $49 million, or $1.54 a share, on revenue of $3.9 billion.
No. 10 Macy, the New York-based retailer which operates 96 department stores in 12 states, reported net earnings of $42.7 million, or 83 cents a share, for the first quarter of its 1986 fiscal year. In the same period of the previous year the company reported net earnings of $31.4 million, or 61 cents a share.
Sales in the quarter ended Nov. 2 totaled $1.1 billion, compared with $1.01 billion in the same period last year, the company said.