Friedman's and Crescent Jewelers Report Sales Increases

April 5, 2001

Friedman's and Crescent Jewelers Report Sales Increases

Friedman's Inc., Savannah, GA, announced its net sales for the second fiscal quarter ended March 31 increased 8.9% compared to the same quarter in 2000. Net sales reached $83.5 million, up from $76.7 million. Comparable store sales for the company decreased 0.2% compared to the same quarter in 2000 when comparable store sales increased 10.7%. Year-to-date net sales for Friedman's jumped 12.5% to $253 million, compared to $224.8 million during the same period last year. Comparable store sales for the year-to-date period have increased 3.5%. Friedman's had 635 stores open on March 31, 2001.

Crescent Jewelers, Friedman's West Coast affiliate, reports its net sales for the quarter increased 1.9% to $26.8 million, up from $26.3 million in the same quarter last year. Comparable store sales decreased 1.2% during the quarter, compared to a 13.4% increase during the same quarter last year. For the six month period ended March 31, net sales for Crescent increased 5.6% to $81.8 million, up from $77.4 million in the same period last year. Comparable store sales increased 3.2% during the six-month period. Crescent Jewelers operates 152 stores in seven states.

- by Julia M. Duncan