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Jewelry retailer Finlay posts modest Dec figures

06 Jan '06

3 min read

Leading retailer of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the United States, Finlay Enterprises Inc announced that comparable department sales (departments open for the same months during the comparable period) for the two-month period including November and December increased 1.0 percent in its go-forward doors.

The go-forward doors exclude the 196 stores that Finlay will no longer operate in 2006 as a result of Federated's integration plans.

Comparable department sales for the two-month period including discontinued stores decreased 0.6 percent.

Total sales for the two-month period increased 9.9 percent to $385.3 million compared to $350.6 million in the comparable period of 2004.

Comparable department sales for the 11-month period ended December 31, 2005 increased 0.7 percent, including only the go-forward doors for the November and December period.

Comparable department sales for the 11-month period including discontinued stores increased 0.1 percent.

Total sales for the 11 months increased 6.8 percent to $954.1 million compared to $893.6 million in the first 11 months of 2004.

As a result of lower sales than previously projected for the November/December period, the Company now estimates full year diluted earnings per share of $1.65 to $1.75.

The Company's previous earnings estimate was $1.80 to $2.00 for fiscal 2005, which was based on comparable store sales in the range of 2.5 percent to 3.0 percent for the November/December period.

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