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Jewelry retailer Finlay posts modest Dec figures
06 Jan '06
3 min read
The Company's outlook for fiscal 2005 excludes charges associated with the impairment of goodwill and includes $3.6 million, or $0.23 per diluted share, of pre-tax closing costs.
This outlook compares to diluted earnings per share of $2.25 in fiscal 2004, excluding the costs of refinancing long term debt and tax credits associated with the liquidation of Sonab, the Company's former European division.
Arthur E. Reiner, Chairman and Chief Executive Officer of Finlay Enterprises Inc, commented, "After a softer than expected November, sales in their continuing stores rebounded in December and the holiday season finished strongly.
Also, they were pleased with their results at Carlyle and believe it will continue to be an important platform for future growth.
They continued to maintain a tight focus on operating expenses and effectively managed their inventory levels.
As they conclude fiscal year 2005, they are positioned to take advantage of opportunities that develop in the new year."
Mr. Reiner concluded, "During the quarter, they signed a new thee-year agreement with Federated for the four Macy's divisions in which they currently operate, and they look forward to an exciting future with the newly-structured divisions.
In addition, after Federated announced its plan to realign the May Company stores, they began to take the necessary steps to prepare for an orderly transition of the existing stores that will become part of Macy's East and Macy's West.
This outlook compares to diluted earnings per share of $2.25 in fiscal 2004, excluding the costs of refinancing long term debt and tax credits associated with the liquidation of Sonab, the Company's former European division.
Arthur E. Reiner, Chairman and Chief Executive Officer of Finlay Enterprises Inc, commented, "After a softer than expected November, sales in their continuing stores rebounded in December and the holiday season finished strongly.
Also, they were pleased with their results at Carlyle and believe it will continue to be an important platform for future growth.
They continued to maintain a tight focus on operating expenses and effectively managed their inventory levels.
As they conclude fiscal year 2005, they are positioned to take advantage of opportunities that develop in the new year."
Mr. Reiner concluded, "During the quarter, they signed a new thee-year agreement with Federated for the four Macy's divisions in which they currently operate, and they look forward to an exciting future with the newly-structured divisions.
In addition, after Federated announced its plan to realign the May Company stores, they began to take the necessary steps to prepare for an orderly transition of the existing stores that will become part of Macy's East and Macy's West.
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