Pillsbury Co. said fourth-quarter profit rose 51%,...

Pillsbury Co. said fourth-quarter profit rose 51%, but its earnings for all of fiscal 1988 fell 62% from a year earlier because of a huge restructuring charge. Earnings for the three months ended May 31 rose to $47.8 million. For the full year, net earnings fell to $69.3 million. The restructuring reduced earnings for the full year by $140.9 million, but none of it was booked in the fourth quarter. The restructuring charge covered the sale of the Godfather’s Pizza, Quik Wok, Bay Street and Key West Grill restaurant chains, and 30 Steak and Ale and Bennigan’s restaurants. It also covered a writedown of assets at Burger King, the consolidation of several food manufacturing plants and a reduction in administrative personnel throughout the company.

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