Woolworth Corp.: The New York-based retail chain’s...

Woolworth Corp.: The New York-based retail chain’s fourth-quarter profit fell 15% to $149 million as revenue rose 10% to $3.1 billion. For the year, net income fell 4% to $317 million as revenue rose 11% to $9.8 billion. The company noted that its 90% increase in operating profit in Germany was offset by the impact of the recession in the United States, Canada and Australia, and the war in the Persian Gulf, adding that it also took higher markdowns to liquidate inventories.