Fay's posts slim gain in earnings
LIVERPOOL, N.Y.--With higher than anticipated markdowns and escalating costs triggering a drop in fourth quarter earnings, Fay's Inc. reported a slim increase in earnings for the year ended January 27.
Fiscal 1989 net edged up to $10.4 million from $10 million a year ago, as a reduced effective tax rate offset a 3.6% decline in pretax income. Sales grew 9% to $574.1 million from $526.6 million. Net margins, which had been expanding for four years, contracted to 1.8% from 1.9%.
Fay's, whose pretax earnings growth began to weaken in 1989's third quarter, saw net earnings tumble 26.5% in the final period to $3.52 …
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