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FAY'S REPORTS 136 PERCENT INCREASE IN SECOND QUARTER EARNINGS

 FAY'S REPORTS 136 PERCENT INCREASE IN SECOND QUARTER EARNINGS
 LIVERPOOL, N.Y., Sept 2 /PRNewswire/ -- Fay's Incorporated (NYSE: FAY) reported net earnings for the second quarter ended July 25, 1992 were $2,944,000 or $.15 per share, compared to $1,249,000 or $.06 per share in the second quarter of last year. Revenues for the quarter increased 4.3 percent to a record $216.4 million from $207.4 million a year earlier. Revenues for comparable stores (stores open one year or more as of July 25, 1992) increased 2.2 percent for the quarter.
 Fay's net earnings for the first half of the year were $4,481,000 or $.23 per share, compared to $3,084,000 or $.16 per share earned in the first six months of last year. Revenues for the first half increased 11.4 percent to a record $428.5 million from $384.6 million a year earlier. For the first half of the year, revenues for comparable stores increased 1.6 percent.
 Per share figures have been adjusted to reflect a 5 for 4 stock split distributed on June 19, 1992. Net earnings for last year's second quarter were impacted by expenses associated with the assimilation of 43 Carls Drug Stores acquired through the purchase of Carls Drug Co., Inc. on April 29, 1991.
 Henry A. Panasci, Jr., chairman of the board of Fay's, stated, "The ongoing recession and poor weather conditions combined to depress sales of general and seasonal merchandise during the quarter. Despite these factors and continued pressure on gross margins, our focus on cost control yielded a significant improvement in earnings. Our efforts aimed at strengthening sales performance and controlling costs should result in further improvement in earnings for the remainder of the year."
 At the end of the second quarter, Fay's was operating 254 drug stores, 28 Wheels Discount Auto Supply Stores and 33 Paper Cutter Stores, a total of 315 stores compared to 303 stores in operation at the end of the second quarter of last year.
 On July 24, 1992, Fay's board of directors declared a regular quarterly cash dividend of $.05 per share on the company's common stock, payable Oct. 9, 1992 to shareholders of record on Sept. 25, 1992.
 FAY'S INCORPORATED
 (Unaudited)
 Thirteen Weeks Thirteen Weeks
 Ended Ended
 July 25, 1992 July 27, 1991
 Revenues $216,364,000 $207,407,000
 Earnings Before Taxes 4,982,000 2,123,000
 Net Earnings 2,944,000 1,249,000
 Net Earnings Per Share $.15 $.06(A)
 Average Shares Outstanding 19,942,565 19,850,615(A)
 Stores in Operation at End
 of Period 315 303
 Twenty-Six Weeks Twenty-Six Weeks
 Ended Ended
 July 25, 1992 July 27, 1991
 Revenues $428,520,000 $384,568,000
 Earnings Before Taxes 7,579,000 5,210,000
 Net Earnings 4,481,000 3,084,000
 Net Earnings Per Share $.23 $.16(A)
 Average Shares Outstanding 19,901,847 19,753,655(A)
 Stores in Operation at End
 of Period 315 303
 Note (A) -- Adjusted to reflect 5 for 4 split distributed June 19, 1992.
 -0- 9/2/92
 /CONTACT: Henry A. Panasci Jr., chairman of the board of Fay's Incorporated, 315-451-8000/
 (FAY) CO: Fay's Incorporated ST: New York IN: REA SU: ERN


KK -- CL010 -- 5879 09/02/92 11:31 EDT
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Date:Sep 2, 1992
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