NEW YORK — A large year-ago tax credit bore the lion’s share of responsibility for an 87.1 percent drop in Loehmann’s Holdings’ fourth-quarter net income.

The retailer of off-price apparel and accessories reported that net income for the three months ended Feb. 1 dropped to $409,000, or 5 cents a diluted share from $3.2 million, or 46 cents, in the final quarter of fiscal 2001. The most recent figures include pre-tax charges totaling $55,000 for store closings and the sale of its Bronx headquarters facility. Last year’s numbers, in addition to a tax credit of $2.5 million, include a $500,000 pretax charge for the closure of a store.

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