Finlay Losses Widen in 1Q

New York City Jewelry chain Finlay Enterprises announced Wednesday that its losses widened in the first quarter as same-store sales fell and the company's recently acquired Bailey Banks & Biddle stores failed to meet expectations.

The loss for the period ended May 3 totaled $11 million, compared with $7.6 million a year ago. Finlay closed its Parisian stores in fiscal 2007. Excluding those discontinued operations, the loss for the prior-year period totaled $7.8 million.

Quarterly sales jumped 26% to $205.1 million, from $162.9 million in the first quarter of 2007.

Same-store sales, however, fell 4.5%. Finlay said the company's Carlyle, Congress and Bailey Banks & Biddle stores contributed sales of $77.7 million in the first quarter, compared with $27.2 million in the prior-year period. Finlay acquired Bailey Banks & Biddle from Zale Corp. in November 2007.