Friedman’s same-store sales drop slightly

Jewelry retailer Friedman’s Inc. on Thursday reported slightly lower same-store sales for its fiscal second quarter and said earnings for the period will be lower than Wall Street expected, the result of store closings and losses from an Internet joint venture, Reuters reported.

The company, which operates 635 stores concentrated in the Southeast, said same-store sales dipped .2% in the quarter ended April 1.

Friedman’s said it expects earnings of 18 cents to 21 cents a share for the second quarter, before a 4-cent charge for closing seven stores and for losses related to an Internet joint venture.  

Analysts’ surveyed by research firm Thomson Financial/First Call have on average been expecting earnings of 23 cents a share.

Friedman’s said net sales for the quarter increased 8.9% to $83.5 million from $76.7 million a year earlier, when same-store sales rose 10.7%.