Finlay Sales Up 13%, Same Store Sales Down

By JCK Online Staff -- JCK Online, 11/10/2008 1:54:00 PM

Finlay Enterprises, Inc. said sales for the third quarter ended Nov. 1, increased 12.9 percent, year-over year, to $160.2 million. Comparable store sales for the period, excluding the Macy's and Lord & Taylor stores scheduled to close at year-end, decreased 13.5 percent. Including these stores, comparable store sales decreased 14.9 percent.

The fiscal year 2007 sales results are on a continuing operations basis, which excludes sales from Parisian stores. Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, which were acquired in November 2007, contributed sales of $58 million for the quarter, as compared to $23.6 million for the same period last year.

Sales for the nine months ended Nov. 1 increased 22.8 percent, year-over-year, to $555.9 million. Comparable store sales for the period, excluding the Macy's and Lord & Taylor stores, decreased 7 percent. Including these stores, comparable store sales decreased 7.9 percent.

Specialty jewelry stores contributed sales of $210.5 million for the nine-month period as compared to $77.9 million in 2007.

Finlay Enterprises, Inc., through its wholly owned subsidiary, Finlay Fine Jewelry Corp., is retailer of fine jewelry operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores in the United States. The New York-based company achieved sales of $835.9 million in fiscal 2007. The number of locations at the end of the third quarter of fiscal 2008 totaled 778, including 67 Bailey Banks & Biddle, 35 Carlyle, and five Congress specialty jewelry stores.