Finlay Enterprises, Inc., a leading retailer of fine jewelry and the largest operator of licensed fine jewelry departments in department stores in the United States, said Thursday that total sales for the first quarter ended May 5 increased 11.6 percent to $166.6 million compared to $149.3 million in the first quarter of fiscal 2006. Specialty jewelry stores consisting of Carlyle and Congress contributed sales of $27.2 million in the quarter, as compared to $17.5 million in the same period last year.
Same-store sales for the first quarter increased 8.1 percent. The New York-based company estimates the calendar shift associated with Mother’s Day coming a week earlier this year had an approximate 3 percent to 4 percent positive impact on first quarter same-store sales and will negatively impact second quarter sales by a similar amount.
Total sales for the first quarter were at the low end of the company’s sales guidance, primarily due to lower volume than anticipated at doors open less than one year, including the Congress stores.
The company currently expects to report full financial results for the first quarter on May 24.
Finlay Enterprises, Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corp., operates 749 locations, including 33 Carlyle and five Congress specialty jewelry stores.