Friedman’s and Crescent report increases in net sales

Friedman’s Inc. Savannah, Ga.-based specialty retailer of fine jewelry, announced that net merchandise sales for the fourth quarter (ending Sept. 29) increased 2.4%, to $61.7 million compared to $60.3 million reported for the same period during the previous year.

Comparable store sales decreased 1.5% during the quarter. The company now has 643 stores in operation and expects to have approximately 645 stores open for the 2001 Christmas selling season.

For the fiscal year ended September 29, 2001, net merchandise sales increased 9.6% to $395.2 million compared to $360.6 million for the same period last year. Comparable store sales increased 2.0% during the twelve months ended September 29, 2001.

The company plans to release earnings for the quarter and fiscal year ending September 29 on November 8.

Crescent Jewelers, an Oakland, Calif.-based specialty retailer of fine jewelry, said that net merchandise sales for the three months ending September 29 increased approximately 4.2% to $22 million, from $21.1 million for the same period last year. Comparable store sales increased 3.0% during the quarter, versus an increase of 10.4% for the comparable period last year.

For the twelve months ending September 29, net merchandise sales increased 3.4% to $130.4 million compared to $126.1 million for the same period last year. Comparable store sales increased 1.5% during the twelve months that ended September 29.