Finlay Losses Widens to $20.8 Million in Q3

Finlay Enterprises, a U.S. retailer that operates luxury stand-alone specialty jewelry stores and fine jewelry departments in department stores, reported a widening loss of $20.8 million in the third quarter ended November 1. On November 11, it reported a 12.9 percent increase in third quarter sales to $160.3 million.

Finlay’s specialty jewelry stores consisting of Carlyle, Congress and Bailey Banks & Biddle, which was acquired in November 2007, contributed sales of $58 million for the quarter, compared to $23.6 million for the same period last year.

Comparable store sales (stores open for the same months during the comparable period), excluding the Macy's and Lord & Taylor stores scheduled to close at year-end, decreased 13.5 percent. Including these stores, comparable store sales decreased 14.9 percent.

The $20.8 million loss in the quarter is 177.33 percent wider loss compared to a loss of $7.5 million in the third quarter of fiscal 2007. Loss from operations before depreciation and amortization expenses (EBITDA) for the third quarter totaled $21.2 million, compared to a loss of $5.2 million in the prior year period. Se

The current quarter and nine month period loss from continuing operations and EBITDA reflect the expected interim loss associated with the Bailey Banks & Biddle division, Finlay said Thursday.