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Earnings

May 14, 1987

The reduction in the U.S. corporate income tax rate, strengthening of foreign currencies relative to the U.S. dollar and a decline in interest expense contributed to New York-based F.W. Woolworth's 45% jump in income for the first quarter ended May 2. Sales rose 8.4%, a spokesman said. Operating income and specialty store sales also increased in the period, the spokesman added.

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