Woolworth Corp.: Woolorth said its third-quarter earnings skidded 49% as the continuing slump in consumer spending took a heavy toll on the retailer’s business.
The general merchandise and specialty retailer said it earned $41 million, or 31 cents per share, in the quarter ended Oct. 26, down from $80 million, or 62 cents per share, in the same period the year before.
Revenue fell 1.9% to $2.42 billion from $2.47 billion.
Woolworth said revenue from its specialty stores, which include Kinney shoe and Foot Locker outlets, rose 7.6%. However, revenue from general merchandise stores, including Woolworth and Woolco branches, was off 9.9%.