EARNINGS : Campeau Loss at $321 Million

TORONTO —  Campeau Corp., the embattled retail and real estate company, is continuing its money-losing ways, posting a loss today of $321 million for the first half of its fiscal year, up from $191 million in 1989.

Campeau’s U.S. subsidiaries--Federated Department Stores Inc. and Allied Stores Corp.--contributed most of the loss, $303 million in 1990, compared to $187 million a year ago. Federated and Allied have been operating under Chapter 11 bankruptcy protection since January.

Toronto-based Campeau’s 1990 first-half results also include a $47-million gain on the sale of real estate assets, compared to a $25-million gain in 1989. Campeau is selling off commercial office buildings to help pay off part of its $13.2-billion debt.