Finlay Enterprises Inc., an operator of fine jewelry departments in department stores, on Thursday reported a flat fiscal first-quarter loss and lowered its earnings estimates for the full year, Reuters reported.
For the quarter ended May 5, the company reported a net loss of $1.7 million, or 17 cents per diluted share, compared with last year’s first-quarter net loss of $1.8 million, or 17 cents per share.
Finlay’s total sales for the quarter increased 8.2% to $193.2 million, from $178.6 million for the same period a year earlier. Sales in departments open for at least a year increased 2.3 percent.
“The current economic climate and our recent sales trends have made us less optimistic about the second quarter and balance of the year, therefore, we are lowering our expectations,” Chairman and Chief Executive Arthur Reiner said in a company statement.
The company now anticipates fiscal 2001 earnings per share to be in the range of $2.45 to $2.50, based on flat comparable department sales growth.