An accounting policy adjustment at Mercantile Stores Co. Inc. has set the Fairfield-based retailer's net profits back by $9.1 million in its fiscal third quarter, making for a decline in earnings.

Mercantile said Monday that it posted net income of $22.7 million, or 62 cents a share, in the three months ended Nov.1, compared with $31.1 million, or 85 cents a share, in the same period last year. Excluding the effects of the policy change, which affects accounting methods for promotional markdowns, the retailer reported a gain of $31.8 million, or 87 cents a share, marking a slight increase over the year-ago quarter.

It is expected that the effects of the change will be recouped in the fourth quarter.

Revenue for the parent of McAlpin's department stores, rose to $754.7 million from $727.7 million last year.

Beerman shareholders ask court for delay

Shareholders for Elder-Beerman Stores Corp. asked a Bankruptcy Court judge Monday to delay the retailer's emergence from Chapter 11 reorganization because the company might soon be worth more.

The Dayton, Ohio-based retailer's three shareholders - William Weprin, Barbara Weprin and Leonard Peal - asked to delay from Dec. 15 to Feb. 28 a hearing scheduled to confirm the company's reorganization plan. The shareholders said that if market conditions and projections on Christmas sales hold, Elder-Beerman could soon be worth more than $425 million, or $50 million to $75 million above its current value.

They said approving the reorganization plan before all of the financial results for 1997 are in would allow the creditors to walk away with money to which the shareholders are entitled.

FirstEnergy raises job cuts by 400

FirstEnergy Corp. said Monday that it planned to cut 400 more jobs than Ohio Edison Co. and Centerior Energy Corp. originally estimated their combined operation would eliminate.

FirstEnergy, a utility parent based in Akron, Ohio, was formed Friday when Ohio Edison bought Centerior Energy for $1.6 billion. FirstEnergy plans to cut 1,300 jobs during 1998, or about 19 percent of its total work force. The two northern Ohio electric utilities earlier said they would eliminate 900 positions under the combined company.

Toyota hosting meeting for minority suppliers

Minority-owned companies interested in working with Toyota Motor Manufacturing North America have the opportunity to meet the automaker's top U.S. suppliers at an ''opportunity exchange'' starting at 9 a.m. Wednesday at the Albert B. Sabin Convention Center, downtown.

More than 1,300 representatives from 200 Toyota suppliers are scheduled to attend the daylong event. Susan Taylor, editor of Essence magazine, will give a keynote speech at 12:30 p.m. followed by a trade show from 1 to 5 p.m.

P&G seeking patients for azimilide tests

Procter & Gamble Co. has begun enrolling patients for the North American portion of a global study of azimilide, its antiarrhythmic drug.

Cincinnati-based P&G, which hopes to gain approval to market the heart drug under the brand name Stedicor, said it would enroll almost 6,000 patients at 600 medical institutions in the worldwide clinical test. The trial is designed to test azimilide's safety and efficacy in patients who have had a heart attack and are at risk of developing an irregular heartbeat.