WWF Profit Declines 21%

World Wrestling Federation Entertainment Inc., the biggest professional wrestling producer, said Thursday that fiscal first-quarter profit fell 21%, hurt by a slowing advertising market and lower ratings.

Profit for the period ended July 27 declined to $12 million, or 16 cents a share, from $15.2 million, or 22 cents, a year earlier. Revenue fell 11% to $90.7 million, from $101.9 million.

WWF’s revenue from TV ads fell 17% in the quarter. In July, WWF said it may miss sales forecasts for fiscal 2002 and that it hadn’t agreed to new terms on a contract with satellite-television provider DirecTV.

Shares of Stamford, Conn.-based WWF were delayed at the opening of the New York Stock Exchange and remained unchanged at $12. They have fallen 39% in the last year.