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Finlay Enterprises reports sales for two-month period
10
Jan '08
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 that sales for the two-month period including November and December increased 26.9% to $349.1 million compared to $275.0 million in the comparable period of 2006.

The sales results are on a continuing operations basis, which excludes sales from discontinued Macy's, Belk's and Parisian stores. Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, which was acquired in November 2007, contributed sales of $130.4 million for the two-month period, as compared to $43.7 million for the same period last year. Comparable store sales (stores open for the same months during the comparable period) for the two-month period decreased 5.9% on a continuing operations basis.

On a continuing operations basis, sales for the 11-month period ended January 5, 2008 increased 13.7% to $801.9 million compared to $705.1 million for the comparable period of the prior year. Specialty jewelry stores contributed sales of $208.3 million for the 11-month period, as compared to $100.2 million in 2006. Comparable store sales for the 11-month period decreased 1.0% on a continuing operations basis. Including discontinued stores, comparable store sales for the 11-month period decreased 0.6%.

As a result of lower sales than previously projected, the Company now estimates net income per diluted share on a continuing operations basis for the fourth quarter will be between $1.50 and $1.60. The Company's previous earnings estimate was $2.15 to $2.30 for the fourth quarter, based on a comparable stores sales increase in the range of 1.5% to 2.5%. This outlook compares to diluted earnings per share on a continuing operations basis of $1.30 in the fourth quarter of 2006.


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