Finlay's Q1 Like For Like Sales Inch Up

Fine jewelry chain Finlay's announced a 0.5 percent increase in comparable department sales for the first quarter ended April 30 compared to a 6.8 percent comparable department sales increase in the first quarter of the previous year.

Total sales for the first quarter decreased 1.0 percent to $185.7 million from $187.6 million in the first quarter of 2004.

Largely due to a more difficult than anticipated retail environment, first quarter sales were lower than previously projected.

Arthur E. Reiner, Chairman and CEO of Finlay Enterprises commented, “The retail environment turned softer in March and April, as a slowing economy impacted retail sales. Although we are disappointed in having to revise our sales and earnings estimates, we are positioned, from both a merchandising and marketing standpoint, to execute our plan over the balance of this all-important week leading up to Mother's Day and to maximize our opportunities going forward.”

Finlay's is projecting comparable department sales for the second quarter in the range of 1-2 percent compared to its earlier forecast of approximately 2-3 percent.