Finlay Reports a 20% Drop in 4Q Sales

By JCK Online Staff -- JCK Online, 2/6/2009 9:37:00 AM

Finlay Enterprises, Inc. said Thursday that sales for the fourth quarter fell 20 percent to $306.7 million compared.

Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, which was acquired in November 2007, contributed sales of $99.1 million for the fourth quarter, ended Jan. 31. Same store sales for the period, excluding the Macy's and Lord & Taylor stores, which were scheduled to close at year-end, decreased 19.6 percent. Including these stores, comparable store sales decreased 15 percent.

On a continuing operations basis, fiscal 2008 sales increased 3.2 percent to $862.6 million. Specialty jewelry stores contributed sales of $309.7 million in 2008 as compared to $223.8 million in 2007. Same store sales in 2008, excluding the Macy's and Lord & Taylor stores, decreased 11.9 percent. Including discontinued stores, same store sales decreased 10.6 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 Corp., 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 January 2009 totaled 674, including 69 Bailey Banks & Biddle, 34 Carlyle, and five Congress specialty jewelry stores.