EARNINGS : Campeau Corp. Reports Losses of $190 Million

Campeau Corp., an ailing retailing and real estate empire, reported on Tuesday that its losses more than doubled in the third quarter to $190 million despite a 5% gain in revenue to $2.56 billion. In the same quarter a year earlier, Campeau lost $83 million.

The Toronto-based company, the parent of Ralphs supermarkets in Southern California, has been struggling under the burden of heavy debt stemming largely from its $6.6-billion acquisition in May, 1988, of Federated Department Stores.

In September, Campeau was rescued from the brink of bankruptcy by a $250-million loan from Olympia & York Developments, and the company is trying to raise cash by selling its prestigious Bloomingdale’s department store chain. None of the company’s nine department store chains are in Southern California.

Campeau’s operating profit for the quarter ended Oct. 31 totaled $255 million, off 4% from $265 million a year earlier. Results from Ralphs, which has been remodeling many of its stores, contributed somewhat to that decline. The Compton-based chain, as previously reported, posted an operating profit of $38 million, down from $41 million. Analysts say Ralphs has been sheltered from Campeau’s struggles, however, because it has a separate debt structure and its own credit line.

In an effort to sound a hopeful note, Campeau noted in a news release that its department stores traditionally make 50% of their yearlong profits from holiday shopping in the fourth quarter. Company spokesmen were not available for comment.

For the first nine months of the year, Campeau has lost $390 million on revenue of $7.04 billion. That compares to a loss of $24 million on revenue of $5.4 billion a year earlier.

Operating profit for the nine months was $680 million, up 56% from $437 million. The nine- month gains in operating profit and revenue resulted from the Federated acquisition.