J. P. Stevens & Co. of New...

J. P. Stevens & Co. of New York reported record net income for the fourth quarter and year ended Nov. 1, despite a drop in sales, compared to the same periods in the prior year. Imports of textiles and apparel through October, 1986, continued to increase, up 19% from the record level of 1985, a spokesman said. For all practical purposes the assimilation of the domestic business of Burlington Industries, acquired on Feb. 2, 1986, has been completed, the spokesman added. In addition, earnings were aided by the firm’s redeeming all of its outstanding convertible subordinated debentures and the repurchase of 2.2 million of its common shares.