Friedman’s Inc. Savannah, Ga., a leading specialty retailer of fine jewelry, today announced record sales results for its first fiscal quarter ended December 29, 2001.

Net merchandise sales for the quarter increased 5.7%, to a record $179.2 million compared to $169.5 million during the comparable period in 2000. Comparable store sales increased 3.1% during the quarter, versus an increase of 5.5% for the comparable period last year.

During the holiday selling period beginning Nov. 23 and ending December 24, the Company’s comparable store sales increased 7.7%. At December 29, the Company had 645 stores in operation, an increase of 2.2% from the prior year.

Friedman’s Inc. operates a total of 645 stores in 20 states, of which 425 were located in power strip centers and 220 were located in regional malls.

JCK