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Finlay registers higher profit in Q4 2007
02 Apr '08
3 min read
Finlay Enterprises Inc, a leading retailer of fine jewelry operating luxury stand- alone specialty jewelry stores and licensed fine jewelry departments in department stores throughout the United States, announced its financial results for the fourth quarter and fiscal year ended February 2, 2008.
The fiscal 2007 reporting periods presented and discussed below contain 13 and 52 weeks. The corresponding periods of fiscal 2006 contain 14 and 53 weeks. Comparable store sales calculations do not include the additional week.
The following results for the fourth quarter and fiscal year in the current and prior year periods include Bailey Banks & Biddle and Congress since the date of acquisition in November 2007 and November 2006, respectively.
In addition, the results for the fourth quarter and fiscal year in the current and prior year periods exclude from continuing operations the results from discontinued Macy's, Belk's and Parisian stores closed in fiscal 2006 and 2007, which have been classified as discontinued operations in accordance with generally accepted accounting principles (GAAP).
Fourth Quarter Results:
Sales for the fourth quarter increased 24.0% to $383.1 million compared to $309.0 million in the comparable period of 2006. Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, contributed sales of $145.9 million for the fourth quarter, as compared to $51.6 million for the same period last year. Comparable store sales (stores open for the same months during the comparable period) for the fourth quarter decreased 6.4% on a continuing operations basis.
The fiscal 2007 reporting periods presented and discussed below contain 13 and 52 weeks. The corresponding periods of fiscal 2006 contain 14 and 53 weeks. Comparable store sales calculations do not include the additional week.
The following results for the fourth quarter and fiscal year in the current and prior year periods include Bailey Banks & Biddle and Congress since the date of acquisition in November 2007 and November 2006, respectively.
In addition, the results for the fourth quarter and fiscal year in the current and prior year periods exclude from continuing operations the results from discontinued Macy's, Belk's and Parisian stores closed in fiscal 2006 and 2007, which have been classified as discontinued operations in accordance with generally accepted accounting principles (GAAP).
Fourth Quarter Results:
Sales for the fourth quarter increased 24.0% to $383.1 million compared to $309.0 million in the comparable period of 2006. Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, contributed sales of $145.9 million for the fourth quarter, as compared to $51.6 million for the same period last year. Comparable store sales (stores open for the same months during the comparable period) for the fourth quarter decreased 6.4% on a continuing operations basis.
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