Outstanding sales at its Kinney Shoes subsidiary and currency fluctuations helped F.W. Woolworth Co. record increased earnings for its first quarter ended April 30.
Woolworth, the nation's eight-largest retailer, posted earnings of $10.3 million (32 cents a share) in the latest period compared with $7 million (21 cents) a year earlier. Revenues were $1.229 billion compared with $1.151 billion in the 1977 period.
Kinney's results, moderate increases in the domestic Woolworth & Woolco Division, and a "satisfactory improvement" in Richman Bros. Co! sales came despite the weather, an earlier Easter, and the condition of the economy, Woolworth Chairman Edward Gibbons said.
Currency fluctuations added 2 cents a share to 1978 first-quarter earnings; they had cut 1977 first-quarter earnings by 6 cents a share.
Federated Department Stores Inc. said its profits for the first quarter ended April 29 fell to $25.46 million (53 cents a share) from $25.92 million (54 cents) last year despite a rise in sales to $1.11 billion from $1.03 billion.
Chairman Harold Lazarus said the coal strike and the severe winter affected sales adversely at the company's stores in midwestern and northeastern states.
But Lazarus and President Harold Krensky said they were optimistic about results for the rest of the year.
Federated is the nation's ninth largest retail chain. It has Bloomingdale's outlets in Tyson's Corner Center and White Flint. It will add an I. Magnin store late late this summer at the latter.
Dayton Hudson Corp., another department store chain, earned 60 cents a share in its first quarter ended April 29, up from 50 cents a year ago, as sales grew to $491.69 million from $427.08 million.
Net income was $9.66 million against $8.11 million.
Chairman William Andres said all three of the company's three retail groups contributed to the gains.