Thursday, 18th March 2004 (4501 views)

Jewellery retailer Finlay Enterprises has announced that sales increased by 3.8 per cent to $379.0 million for the fourth quarter of 2003, while department sales over the same period increased by 3.3 per cent.

The American fine jewellery company saw income from continuing operations in the quarter rise to $26.8 million, or $2.90 per diluted share, compared to $25.4 million, or $2.69 per diluted share, last year.

Net income for the fourth quarter totalled $14.3 million, or $1.55 per diluted share, compared to $28.4 million, or $3.00 per diluted share, last year, but the results include discontinued operations related to the non-renewal by Federated Department Stores Inc of the company's lease in the Burdines department store division and other non-recurring items. Due to the termination of the Burdines lease, 46 departments were closed in January 2004.

Income from continuing operations for the fiscal year ended January 31st 2003 totalled $19.9 million, or $2.15 per diluted share, compared to $19.6 million, or $2.02 per diluted share, last year. Net income for fiscal 2003 totaled $8.4 million, or $0.91 per diluted share, compared to $7.0 million, or $0.73 per diluted share, in fiscal 2002.

Arthur E Reiner, Chairman and Chief Executive Officer of Finlay Enterprises Inc, commented on the results, "During fiscal 2003, we successfully executed our strategic marketing and merchandising initiatives, as evidenced by our growth in comparable department sales, and we expect this positive momentum to carry into 2004."

Finlay Enterprises currently anticipates earnings per diluted share to range between $2.20 and $2.30 for fiscal 2004, compared with fiscal 2003 earnings from continuing operations of $2.15 per diluted share.

 

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