Sales Drop at Finlay

August 14, 2001

Sales Drop at Finlay

Finlay Enterprises Inc. reported its sales for the second quarter ended Aug. 4 decreased 7%. Total sales were $196.3 million, down from $211.2 million in the same quarter last year. Comparable department store sales for the quarter fell 5.3%.

According to Finaly, sales in the second quarter were hampered by a shift in a Mother's Day promotion that occurred in the retail calendar month of April this year and in May last year. Sales were helped by going-out-of-business sales at the Sterns store group.

For the six months ended Aug. 4, total sales slightly decreased to $389.6 million from $389.8 million for the first six months of 2000. Comparable department store sales decreased 1.8% for the six months.

Finlay Fine Jewelry Corp., the wholly owned subsidiary of Finlay Enterprises, is the largest operator of leased fine jewelry departments in department stores throughout the U.S. Finlay operates at 1,018 locations.

- by Julia M. Duncan