FAYS INC
10-Q/A, 1995-03-03
DRUG STORES AND PROPRIETARY STORES
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<PAGE>
 
                                  FORM 10-Q/A

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

[ X ] Quarterly report pursuant to section 13 or 15(d) of the Securities 
      Exchange Act of 1934

                For the Quarterly Period Ended October 29, 1994
                -----------------------------------------------

[ ] Transition report pursuant to section 13 or 15(d) of the Securities Exchange
    Act of 1934

                                    0-5179
                           (Commission File Number)

                              FAY'S INCORPORATED
            (Exact name of registrant as specified in its charter)

          State of New York                16-0919350
        (State of incorporation)       (I.R.S. Employer 
                                       Identification No.)

             7245 HENRY CLAY BOULEVARD, LIVERPOOL, NEW YORK 13088
                   (Address of principal executive offices)

        Registrant's telephone number, including area code:    (315) 451-8000

- --------------------------------------------------------------------------------
Indicate by check mark whether registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X  No____
                           
- --------------------------------------------------------------------------------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

           Class                          Outstanding at December 2, 1994
- ----------------------------              -------------------------------
Common Stock, $.10 par value                       20,212,475

    
                                    3 Pages     
<PAGE>
 
                                  SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.


                                                        FAY'S INCORPORATED
                                                    -------------------------
                                                           (Registrant)


Dated: February 23, 1995                            /s/ James F. Poole, Jr.
                                                   ---------------------------
                                                   James F. Poole, Jr.
                                                   Vice President - Finance and
                                                   Chief Financial Officer



Dated: February 23, 1995                             /s/ Warren D. Wolfson
                                                     ---------------------------
                                                     Warren D. Wolfson
                                                     Senior Vice President

<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> 5
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          JAN-29-1995
<PERIOD-START>                             JAN-30-1994
<PERIOD-END>                               OCT-29-1994
<CASH>                                           1,374
<SECURITIES>                                         0
<RECEIVABLES>                                   34,147
<ALLOWANCES>                                         0
<INVENTORY>                                    187,449
<CURRENT-ASSETS>                               229,980
<PP&E>                                         186,271
<DEPRECIATION>                                 116,244
<TOTAL-ASSETS>                                 326,984
<CURRENT-LIABILITIES>                          130,171
<BONDS>                                         83,851
<COMMON>                                         2,028
                                0
                                          0
<OTHER-SE>                                      98,639
<TOTAL-LIABILITY-AND-EQUITY>                   326,984
<SALES>                                        752,033
<TOTAL-REVENUES>                               752,033
<CGS>                                          534,632
<TOTAL-COSTS>                                  740,300
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               6,336
<INCOME-PRETAX>                                 11,733
<INCOME-TAX>                                     4,973
<INCOME-CONTINUING>                              6,760
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     6,760
<EPS-PRIMARY>                                      .33
<EPS-DILUTED>                                      .33
        


</TABLE>


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