	f w woolworth s z profits rise pct the specialty retailing area continues to pay off for f w woolworth co once known only as a five and dime store chain which said its income rose pct it was the fourth consecutive year of profit increases for the new york based retailer which was founded over years ago woolworth s income rose to mln dlrs or dlrs per share compared with s profit of mln or dlrs per share revenues for the year rose to billion compared with the prior year s billion for the fourth quarter the company reported profits rose pct to mln dlrs or dlrs per share compared with fourth quarter results of mln or dlrs per share revenues rose to billion from billion dlrs roy garofalo woolworth vice president told reuters that income generated by the company s specialty store operations accounted for pct of the parent company s profits he said the company now has specialty stores operating under different names woolworth plans to open more specialty stores in at this time last year it operated specialty stores garofalo said garofalo said the largest specialty chain operated by woolworth is kinney shoe stores followed by the richman apparel unit among other units are little folk shop a chain of discount children s apparel stores the rx place a discount drug health and beauty aid operation and face fantasies which sells cosmetics there are currently about woolworth general merchandise stores operating worldwide of which are in the united states harold sells chairman and chief executive of woolworth said in a statement these results are especially gratifying as they are an improvement over last year s record ings sells that it was the fourth successive year ings in each quarter improved over the corresponding year earlier period woolworth s variety store operations were hard hit in the s and early s by the quickly growing discount store industry in an attempt to compete in the s woolworth opened a discount general store chain woolco and j brannam a discount apparel chain both were failures in the united states although woolco still operates in canada in however woolworth changed its strategy and announced that it would operate specialty stores at that time the company said it would create new groups of such stores specialty stores generally have higher sales per square foot than general merchandise stores reuter 
