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FAY'S REPORTS RECORD EARNINGS FOR YEAR AND FOURTH QUARTER

 LIVERPOOL, N.Y., March 9 /PRNewswire/ -- Fay's Incorporated (NYSE: FAY) today reported that net earnings for the year ended Jan. 30, 1993 increased 29.8 percent to a record $11,231,000 or $.56 per share compared to net earnings of $8,653,000 or $.44 per share in the prior year. Revenues for the year increased 8.0 percent to a record $902.6 million compared to $836.2 million a year earlier. Comparable store sales (sales from stores opened one year or more as of Jan. 30, 1993) increased 2.5 percent.
 For the fourth quarter, net earnings increased 16.1 percent to a record $5,240,000 or $.26 per share compared to $4.5 million or $.23 per share earned in the fourth quarter of fiscal 1992. Revenues for the quarter increased 8.0 percent to a record $258 million from $239 million in the fourth quarter of last year, while comparable store sales increased 6.3 percent.
 Per share figures have been adjusted to reflect a 5-for-4 stock split distributed on June 19, 1992. The fiscal year and fourth quarter ended Jan. 30, 1993 contained 53 and 14 weeks, respectively, compared to 52 and 13 weeks in the year and quarter ended Jan. 25, 1992. Comparable store sales for the year and the fourth quarter increased by .8 percent and .4 percent, respectively, adjusted for the additional week in fiscal 1993.
 Henry A. Panasci Jr., chairman of the board of Fay's, stated, "Achievement of record sales and earnings was quite gratifying in light of the economic environment in which we were operating. An excellent sell through of Christmas merchandise resulted in reduced markdowns and improved gross profit margins. Control over store level expenses also contributed to our positive performance. Going forward, we will be focusing our efforts on promoting sales of essential merchandise from our core drug store departments, emphasizing our strengths as a health care provider."
 In October, Fay's announced its intention to enter the mail order pharmacy services business. Its PostScript Mail Order Pharmacy Services Division will commence filling prescriptions in April 1993.
 During fiscal 1993, the company opened one Fay's Super Drug Store, one Paper Cutter Store and three Wheels Discount Auto Supply Stores. Also, three traditional drug stores were acquired and a traditional drug store was converted to a Fay's Drug Store. During the fourth quarter Fay's sold 10 Fay's Drug Stores located in southern Pennsylvania.
 At fiscal year end, Fay's was operating 244 drug stores in New York, Pennsylvania, New Hampshire and Vermont, together with 34 Paper Cutter stores in New York, Pennsylvania and New Jersey and 30 Wheels Discount Auto Supply stores in New York.
 On Jan. 22, 1993, Fay's board of directors declared a regular quarterly cash dividend of $.05 per share on the company's common stock, payable April 9, 1993 to shareholders of record on March 26, 1993.
 FAY'S INCORPORATED
 Fourteen Weeks Thirteen Weeks
 Ended Ended
 January 30, 1993 January 25, 1992
 Revenues $258,033,000 $238,979,000
 Earnings Before Taxes 9,536,000 7,557,000
 Net Earnings 5,240,000 4.512,000
 Earnings Per Share $.26 $.23(A)
 Average Shares Outstanding 19,895,327 19,643,774(A)
 Stores in Operation at End
 of Period 308 313
 Fifty-Three Weeks Fifty-Two Weeks
 Ended Ended
 January 30, 1993 January 25, 1992
 Revenues $902,643,000 $836,157,000
 Earnings Before Taxes 19,697,000 14,551,000
 Net Earnings 11,231,000 8,653,000
 Earnings Per Share $.56 $.44(A)
 Average Shares Outstanding 19,898,274 19,737,810(A)
 Stores in Operation at End
 of Period 308 313
 (A) -- Adjusted to reflect a 5-for-4 stock split distributed June 19, 1992.
 -0- 3/9/93
 /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

BM -- CL011 -- 4528 03/09/93 12:25 EST
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Date:Mar 9, 1993
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