Finlay reports total retail sales up 11.4% to $166.4mn for Q1
28 May '07
4 min read
Finlay Enterprises Inca leading retailer of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the United States, announced its financial results for the first quarter of fiscal 2007.
Total sales for the first quarter ended May 5, 2007 increased 11.4% to $166.4 million compared to $149.3 million in the first quarter of fiscal 2006, on a continuing operations basis. Specialty jewelry stores consisting of Carlyle and Congress contributed sales of $27.2 million in the quarter, as compared to $17.5 million in the same period last year.
Comparable store sales (stores open for the same months during the comparable period) for the first quarter increased 8.1%. The Company estimates the calendar shift associated with Mother's Day coming a week earlier this year had an approximate 3% to 4% positive impact on first quarter comparable store sales and will negatively impact second quarter sales by a similar amount.
For the thirteen weeks ended May 5, 2007, the Company reported a loss from continuing operations of $7.6 million, or $0.84 per share, compared to a loss of $6.3 million, or $0.70 per share, in the first quarter of fiscal 2006.
Results from operations before depreciation and amortization expenses (EBITDA) for the first quarter improved to a loss of $1.0 million, compared to a loss of $1.5 million in the prior year period. Income from discontinued operations for the thirteen weeks ended April 29, 2006 totaled $6.5 million, or $0.71 per share.
marketing@alchempro.com
