F. W. Woolworth Co.’s profit rose 21%...

F. W. Woolworth Co.’s profit rose 21% to $35 million in the first quarter. Sales rose to $1.71 billion from $1.53 billion. New York-based Woolworth operates Woolworth general merchandise stores and specialty retailers including Kinney Shoe, Foot Locker and Lady Foot Locker. The company said improved selling, general and administrative expenses as a percentage of sales were partially offset by a slight decrease in gross margins.