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HEARD ON THE STREET: CORPORATE FINANCIAL NEWS
Published November 18, 1994
SPORTS AUTHORITY GOES PUBLIC: Kmart's Sports Authority goes public today with an IPO of 9.84M shares at $19/share (DOW JONES NEWS SERVICE/WASHINGTON POST, 11/18). WOOLWORTH REPORTS NET PROFITS: Woolworth, which owns Champs and Foot Locker, has "pulled itself out of six consecutive quarters of losses" by posting net profits of $37M during the third quarter of this year, according to Richard Tomkins in this morning's FINANCIAL TIMES. During the same period last year, the company posted losses of $350M, but the comparison is "flattered by several provisions and one-time charges that hit results in the third quarter of 1993." When factored in, the comparison to last year would show that "the combined operating profits of the company's general merchandise and specialty retailing divisions were little changed" (FINANCIAL TIMES, 11/18). RECORD POSTING FOR WAL-MART: Tomkins also reports that "store openings and a large increase in revenues" helped Wal- Mart increase net income by 13% to a record $588M in its third quarter to October from $519M for the same period last year (FINANCIAL TIMES, 11/18). MORE ON MILLER: The CHARLOTTE OBSERVER puts Miller Brewing's exclusive 10-year deal with the Carolina Panthers at an estimated $30M (CHARLOTTE OBSERVER, 11/18).