Monday, 17th January 2005 (4112 views)

Finlay Enterprises, owner of the Finlay Fine Jewelry stores has reported an increase in sales for the holiday period.

Its total sales were $350.6 million for the months of November and December, an increase of 0.6 per cent from the $350.3 million in sales in 2003.

Comparable departmental sales and total sales also increased for the 11-month period ending January 1st 2005, sales rising 2.4 per cent and 2.3 per cent respectively. Total sales for the period were $893.7 million.

"Although our sales results during the holiday season were lower than originally anticipated, we achieved our gross margin plan, maintained a tight focus on operating expenses, and effectively managed our inventory levels and capital spending to maximize cash flow," Arthur Reiner, Finlay chairman and CEO told Jewelers Circular Keystone.

"As we conclude fiscal year 2004, a year in which we refinanced our debt structure on more favourable terms and extended maturities, we are well positioned to fully capitalize on opportunities that develop in the new year."

Finlay is the largest operator of leased fine jewellery, operating in 975 locations.

 

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