Finlay 2006 Sales $919.4 million
February 08, 07
Finlay Enterprises this morning reported 2006 sales of $919.4 million compared to $990.1 million in fiscal 2005. Specialty jewelry store sales contributed $108.1 million compared to $69.5 million last year.
The surge in specialty store sales is attributed to the acquisition of Carlyle in May 2005 and Congress in December 2006.
Comparable department sales increased 1.4 percent in the fourth quarter, excluding the contribution from the Belk stores, which, as of the beginning of fiscal 2007, Finlay no longer operates. Comparable department sales for the same period, including the Belk stores, increased 3.2 percent.
Total sales for the fourth quarter, which included an extra week, were $343.1 million compared to $421.4 million 2005, as a result of the store closings in the first half of 2006. Specialty jewelry stores consisting of Carlyle and Congress contributed sales of $51.6 million for the fourth quarter compared to $39.6 million in the same period last year.
Finlay’s Chairman and CEO, Arthur E. Reiner, commented, "We consider 2006 and 2007 to be transitional years for our company, as we absorb the impact of store closings and at the same time position ourselves to be a larger player in the specialty jewelry store sector. The loss of approximately $300 million of sales on an annualized basis from department store consolidations has impacted us in several areas, particularly gross margin.”
Finaly is an American retailer of fine jewelry and the largest operator of licensed fine jewelry departments in department stores throughout the