October 8, 2001
Annual Sales Increase at Friedman's and Crescent
Friedman's Inc., a specialty retailer of fine jewelry, reports its sales for the fourth fiscal quarter ended Sept. 29 increased 2.4% to $61.7 million, compared to $60.3 million in the same period last year. Comparable store sales for the quarter fell 1.5%. For the fiscal year ended Sept. 29, Friedman's says sales increased 9.6% to $395.2 million, up from $360.6 million the previous year. Comparable store sales for the fiscal year increased 2%.
Crescent Jewelers, the West coast affiliate of Friedman's, also reported a sales increase for the fourth quarter ended Sept. 29. Sales were up 4.2% to $22 million, compared to $21.1 million in the same quarter last year. Comparable store sales for the quarter increased 3%. For the 12 months ended Sept. 29, sales were up 3.4% for Crescent. Sales reached $130.4 million, up from $126.1 million the previous year. Comparable store sales for the 12 months increased 1.5%.
Friedman's, based in Savannah, GA, operates 643 stores in 20 states. The company expects to have 645 stores open for the holiday selling season. Crescent Jewelers operates 154 stores in seven states.
- by Julia M. Duncan