Retailer News

FRIEDMAN’S INC. POSTS 39.7% REVENUE GAIN Friedman’s Inc., the fourth-largest U.S. jewelry retailer, reported record earnings for the fiscal year ended Sept. 30. Revenue totaled $192.2 million (up 40%) and net income totaled $15.5 million (up 49%) on net sales of $169.4 (up 39%). Comparable-store sales grew just 3%. The yearly totals are before an after-tax charge of $1.7 million related to the early retirement of high-coupon debt. For the fourth quarter alone, revenue was $37.6 million (up 25%) and net income was $2.1 million (up 152%) on sales of $32.1 million (up 22%). Comparable-store sales fell 6%. The fourth-quarter didn’t meet expectations largely because of some stores in states where the company is just now establishing itself, says Bradley J. Stinn, chairman and chief executive officer. Friedman’s instituted changes in operations, especially credit policies, due
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