Finlay Holiday Sales Fall Below Projections
January 05, 06
Finlay Enterprises reported results lower than the 2.5-3 percent expected sales during the November – December season. Comparable department sales for the two-month period increased 1 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.
The fine jewelry retailer, thelargest operator of licensed fine jewelry departments in department stores in the U.S., reported comparable department sales, 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.
As a result of lower sales, the company now estimates full year diluted earnings per share of $1.65 to $1.75. Its previous earnings estimate was $1.80 to $2.00 for fiscal 2005, which was based on comparable store sales in the range of 2.5-3 percent for the November/December period.