Finlay Enterprises, Inc., New York, reports that comparable department sales for the two-month holiday period (including November and December) increased 0.6%. Total sales for the two-month period were $350.6 million compared to $350.3 million in the comparable period of 2003.
Comparable department sales for the 11-month period ended Jan. 1, 2005, increased 2.4%. Total sales for the 11 months rose 2.3% to $893.7 million compared to $873.8 million in the first 11 months of 2003.
“Although our sales results during the holiday season were lower than originally anticipated, we achieved our gross margin plan, maintained a tight focus on operating expenses, and effectively managed our inventory levels and capital spending to maximize cash flow,” said Arthur E. Reiner, Finlay chairman and CEO. “As we conclude fiscal year 2004, a year in which we refinanced our debt structure on more favorable terms and extended maturities, we are well positioned to fully capitalize on opportunities that develop in the new year.”
Finlay Enterprises, Inc., through its wholly-owned subsidiary, Finlay Fine Jewelry Corp., is one of the leading retailers of fine jewelry and the largest operator of leased fine jewelry. It operates at 975 locations.