Finlay Enterprises Inc., which operates jewelry retail units inside department stores, on Tuesday reported higher first-quarter sales and said it was comfortable with Wall Street forecasts that it will report a loss for the period, Reuters reported.
The company reported a 2.3% increase in same-store sales and an 8.3% rise in total sales in the first quarter.
“We remain comfortable with the current consensus EPS (earnings per share) estimates for our first quarter,” said Arthur Reiner, chairman and chief executive officer, Reuters reported.
Analysts, on average, expect a loss of 17 cents per share, according to Thomson Financial/First Call, Reuters reported.
The New York-based company, which leases space from department stores for its jewelry units, said sales in the first quarter, ended May 5, increased to $193.4 million from $178.6 million in the same period last year, Reuters reported. Sales were helped by the company’s Mother’s Day promotion, which came in April this year and May last year. As result of the shift, the company expects second-quarter sales to suffer, it said.