Bailey Banks & Biddle sales plunge in Q1

28 May '08

3 min read

Finlay Enterprises Inc announced its financial results for the first quarter of fiscal 2008. Results from the prior year period ended May 5, 2007 exclude from continuing operations the results from Parisian stores that closed in fiscal 2007, which have been classified as discontinued operations in accordance with generally accepted accounting principles (GAAP).

Sales for the first quarter increased 25.9% to $205.1 million compared to $162.9 million in the comparable period of 2007. Specialty jewelry stores consisting of Carlyle, Congress, and Bailey Banks & Biddle, which was acquired in November 2007, contributed sales of $77.7 million for the first quarter, as compared to $27.2 million for the same period last year. Comparable store sales (stores open for the same months during the comparable period) for the first quarter decreased 4.5%.

For the thirteen weeks ended May 3, 2008, the Company reported a loss from continuing operations of $11.0 million, or $1.19 per share, compared to a loss of $7.8 million, or $0.86 per share, in the thirteen week period ended May 5, 2007. Loss from operations before depreciation and amortization expenses (EBITDA) for the first quarter totaled $3.9 million, compared to a loss of $1.4 million in the prior year period. See Reconciliation of EBITDA in the attached tables.

Income from discontinued operations for the thirteen weeks ended May 5, 2007 totaled $0.1 million, or $0.02 per diluted share and net loss on a consolidated basis including discontinued operations totaled $7.6 million, or $0.84 per share.

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