October 9, 2001
Finlay and Tiffany & Co. Give Sales Updates
Finlay Enterprises Inc. and Tiffany & Co. say store sales and traffic declined since the Sept. 11 terrorist attacks in the U.S.
Finlay announced today it has experienced significant comparable-store sales declines since the week of Sept. 11. Though comparable-store sales performance has improved each week since then, the company estimates comparable-store sales fell 5% in the August-September period. The company plans to provide updated guidance for 2001 sales in the near future.
Last week, Tiffany announced it expects sales to decline approximately 10% in the third quarter ending Oct. 31. Comparable-store sales for the company declined 19% in the August-September period, which includes a 36% decline since Sept. 11. International retail sales have declined also, but to a lesser extent, and Internet sales have been substantially higher.
"While comparable U.S. store sales declined 36% since Sept. 11, they declined 19% in the final week of September with improving store traffic in many regions," says President and CEO Michael J. Kowalski. "We assume the sales environment will continue to be challenging in the remainder of the third quarter." The company expects full-year sales will be almost equal to the prior year, with a low-double-digit comparable U.S. store sales decline in the fourth quarter.
- by Julia M. Duncan