Arthur E. Reiner, Chairman and Chief Executive Officer of Finlay Enterprises, Inc. commented, "Our business was impacted by ongoing macro economic challenges and weak consumer confidence during the first quarter of 2008. Although the sales for our Bailey Banks & Biddle business in the first quarter were lower than planned, our May sales trend has reinforced our belief that the initiatives we are in the process of implementing will translate into improved results.
In light of the current difficult environment, we have continued to conservatively manage our business and have taken a disciplined approach to controlling our expenditures. Further, we are carefully monitoring our inventory levels so that we may maximize our cash flow. This resulted in higher than anticipated excess availability under our revolving credit facility in the first quarter."
Fiscal Year 2008 Outlook: The Company affirms its outlook for fiscal year 2008 as previously announced in its fourth quarter 2007 earnings release on April 2, 2008. It continues to anticipate sales for fiscal 2008 to be approximately $1 billion and comparable store sales growth for the year to be approximately flat to positive 1%.
The Company continues to project a net loss per share in the range of $1.15 to $1.35, excluding one-time anticipated severance and accelerated depreciation charges associated with the Macy's and Lord & Taylor store group closings. Including these charges, the Company projects net loss per share to range from $1.40 to $1.60.
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