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G-R-I Corp. reported net income of about $2.47 million, or $1.10 a share, on in its second quarter ended May 31, in contrast to a net loss of $111,000, or 5 cents a share, in the year-earlier period. Sales dropped to $15.5 million from about $20 million. For the fiscal first half, the Chicago-based mail order company had net income of $581,000, or 26 cents a share, in contrast to a loss of $4.88 million, or $2.17 a share, a year earlier. Six-month sales fell to $26 million from $34 million. G-R-I noted that first-half 1989 results reflect nearly a full year of advertising for World of Beauty and a one-time charge of $890,000 for cutbacks.
