Best Products Co. Inc., the catalogue showroom company, said it lost $6.4 million (24 cents per share) in the first quarter of its 1987 fiscal year on sales of $394.9 million.

The loss was smaller than the $9.4 million (35 cents) the company lost the first quarter of the previous fiscal year. First-quarter 1987 sales were 4.4 percent lower than the $413.1 million registered in the same period in fiscal 1986.

Best Chairman and CEO Robert E.R. Huntley attributed the sales decline to a "very weak February," and said sales were slightly above previous-year levels during March and April.

The company also reported that preliminary sales for the four weeks ending May 30 were $148.7 million, up 3.7 percent from a year ago, and sales for the fiscal year-to-date were $543.7 million, down 2.3 percent from the same period in 1986.

Huntley said expenses were down from the year before, and operating results showed a 30 percent improvement. The first quarter ended May 2.Dominion Federal Savings and Loan Association said profits for the 12 months ending March 31 rose to $18.6 million ($3.78), a 16 percent rise from $16 million ($3.29) for the previous fiscal year.

But fourth-quarter profits of Dominion fell to $3.2 million (64 cents), nearly half the $6.1 million ($1.23 a share) for the same period last year.

Dominion's chief financial officer, David Blackburn, said part of the drop could be attributed to the $2.5 million Dominion added to its reserve for anticipated loan losses.