F. W. Woolworth, the nation’s seventh-largest retailer,...

F. W. Woolworth, the nation’s seventh-largest retailer, said its first-quarter profit more than doubled over a year ago on a 9.8% gain in sales. Specialty store sales rose 9.3% and general merchandise sales rose 10.1%, the New York-based company reported. John W. Lynn, chairman and chief executive, said: “Management continues to be optimistic about the profit outlook over the balance of the year. However, because the first quarter typically produces well under 10% of the year’s profits, the percentage change in the first quarter profits has little value in predicting rates of change for the entire year.”