Finlay Holiday Sales Down 23%

By JCK Online Staff -- JCK Online, 1/8/2009 12:22:00 PM

Finlay Enterprises, Inc. said Thursday that sales for the November and December period decreased 23.7 percent to $265.9 million, compared to $348.7 million in the comparable period of 2007.

Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, which were acquired in November 2007, contributed sales of $88.1 million for the two-month period, as compared to $130.2 million for the same period last year. Comparable store sales (stores open for the same months during the comparable period) for the two-month period excluding the Macy's and Lord & Taylor stores scheduled to close at year-end decreased 20.8 percent. Including these stores, comparable store sales decreased 20.1 percent.

On a continuing operations basis, sales for the 11-month period ended Jan. 3, increased 2.5 percent to $821.9 million, compared to $801.5 million for the comparable period of the prior year.

Specialty jewelry stores contributed sales of $298.7 million for the 11-month period, as compared to $208 million in 2007. Comparable store sales for the 11-month period excluding the Macy's and Lord & Taylor stores decreased 12.1 percent on a continuing operations basis. Including these stores, comparable store sales decreased 12.3 percent. The fiscal year 2007 sales results are on a continuing operations basis, which excludes sales from Parisian stores.

Finlay Enterprises, Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corporation, is a retailer of fine jewelry operating luxury stand-alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States. The number of locations at the end of December 2008 totaled 779, including 69 Bailey Banks & Biddle, 35 Carlyle, and five Congress specialty jewelry stores.