Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, November 10, 1993                   TAG: 9311100060
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

Appalachian Power Co. has begun $7.5 million in improvements to its system serving Craig and Botetourt counties, the company announced Tuesday.

The work involves upgrading of two substations, construction of a new substation and rebuilding 17.5 miles of power line. The project is necessary to provide for growth and to continue reliable service, Apco said.

More than 4,800 Apco customers and 3,000 customers of the Craig-Botetourt Electric Cooperative, which is a wholesale customer of Apco, will benefit from the project, the company said.

The improvements are the latest resulting from a study of the Botetourt-New Castle area three years ago, Apco's Roanoke Division Manager J.T. Eaton said. The study showed demand for power in the area increasing three times faster than average for the utility.

The improvements will be completed in late 1994 or early 1995, Eaton said. - Staff report

Wal-Mart earnings

Wal-Mart Stores Inc. on Tuesday reported sales of $16.8 billion for its third quarter and $46.9 billion for the nine months ended Oct. 31, a 23 percent gain over the third quarter and 22 percent over the nine-month period a year earlier.

Net income for the quarter increased 18 percent to $518.7 million, compared with $437.8 million for the same quarter in 1992. Net income per share increased to 23 cents from 19 cents for the quarter. Net income for the nine months increased 18 percent to $1.5 billion, or 64 cents per share, as compared with $1.2 billion, or 54 cents per share, for the corresponding nine months of last year.

May earnings

May Department Stores Co., St. Louis-based parent of the Hecht's chain and Payless ShoeSource stores, on Monday reported net earnings of $133 million, or 49 cents per share, for its third quarter ended Oct. 30, compared to $108 million, or 40 cents per share, last year, excluding special and non-recurring charges.

Sales in the 1993 third quarter were $2.73 billion, up 9 percent from $2.51 billion in the same year-ago quarter.

For the nine months ended Oct. 30, fully diluted earnings per share were $1.28, up 21 percent over the $1.06 reported in the same nine-month period last year. Net earnings for the nine months of fiscal 1993 were $346 million compared to $284 million in the similar 1992 period. Sales for the first nine months of fiscal 1993 totaled $7.54 billion, up 8 percent from $7.02 billion in the similar year-ago period.