HEARD ON THE STREET: CORPORATE FINANCIAL NEWS
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).