Finlay Enterprises Inc., which operates jewelry departments in department stores, on Thursday reported higher than expected quarterly earnings and said sales for the quarter were a record despite a challenging retail environment, Reuters reported.
Finlay earned $29.1 million, or $2.77 per diluted share, in the fiscal fourth quarter, up from $28.6 million, or $2.72 per diluted share, a year earlier. Analysts’ consensus estimate, compiled by First Call/Thomson Financial, was $2.73 per share, Reuters reported.
Total domestic sales during the quarter rose 11.2% to $420.5 million from $378.3 million, the company said.
For the full year, domestic sales increased 12.9%, to $1.0 billion from $886.2 million in the previous year. Sales by departments open in both years rose 2.1%.