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FAY'S REPORTS FIRST QUARTER EARNINGS

 FAY'S REPORTS FIRST QUARTER EARNINGS
 LIVERPOOL, N.Y., May 14 /PRNewswire/ -- Fay's Incorporated


(NYSE: FAY) reported that net earnings for the first quarter ended April 25, 1992, were $1,537,000 or $.10 per share. This compares to net earnings in the first quarter of last year of $1,835,000 or $.12 per share. Revenues for the quarter increased 19.8 percent to a record $212.2 million from $177.2 million a year earlier. Comparable store sales during the quarter (sales from stores open one year or more as of April 25, 1992) increased 1 percent.
 Henry A. Panasci, Jr., Fay's chairman, stated, "As expected, gross margins were lower than those achieved in the first quarter last year. This was offset by a strong performance registered by the former Carls drug stores acquired on April 29, 1991 and the effectiveness of our expense controls. We are confident that both these factors will be important contributors to earnings growth for the year."
 During the first quarter, the company acquired one drug store. At the end of the first quarter, Fay's was operating 253 drug stores in New York, Pennsylvania, New Hampshire and Vermont, together with 28 Wheels Discount Auto Supply Stores in New York and 33 Paper Cutter Stores in New York, Pennsylvania and New Jersey.
 FAY'S INCORPORATED
 (Unaudited)
 Thirteen Weeks Thirteen Weeks
 Ended Ended
 April 25, 1992 April 27, 1991
 Revenues $212,156,000 $177,161,000
 Earnings Before Taxes 2,597,000 3,087,000
 Net Earnings 1,537,000 1,835,000
 Net Earnings per share .10 .12
 Average Shares Outstanding 15,916,321 15,725,376
 Stores in Operation at
 End of Period 314 255
 -0- 5/14/92
 /CONTACT: Henri A. Panasci, Jr., chairman of the board for Fay's, 315-451-8000/
 (FAY) CO: Fay's Incorporated ST: New York IN: REA SU: ERN


CG -- CL018 -- 0426 05/14/92 16:31 EDT
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Publication:PR Newswire
Date:May 14, 1992
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