Circle K Corp.: The Phoenix-based convenience store...

Circle K Corp.: The Phoenix-based convenience store operator reported that net income plunged 75% to $15.4 million for fiscal 1989. Revenue totaled $3.5 billion, up 31%. The results include an after-tax gain of about $19.1 million from the disposition of assets. The company said grocery gross margins continued to decline during the fourth quarter as a result of industry pressures and inventory adjustments and that it experienced increases in operating expenses due to higher interest costs and depreciation related to the recent acquisitions of more than 1,000 stores and new store construction.