Crescent Jewelers, Oakland, Calif., a leading specialty retailer of fine jewelry, reported that net merchandise sales for the period increased 1.1% to $27.1 million compared to $26.8 million for the same period last year. Comparable store sales decreased 0.6% during the three-month period ended March 30, 2002. At March 30, 2002, the Company had 155 stores in operation.

For the six-month period, net merchandise sales decreased 0.6% to $81.3 million compared to $81.8 million for the same period last year. Comparable store sales decreased 1.8% during the six-month period.

Crescent operates 157 stores in seven western states, 101 of which were located in regional malls and 56 of which were located in power strip centers. Crescent Jewelers is an affiliate of Friedman’s Inc., a specialty retailer of fine jewelry based in Savannah, Georgia.

JCK