Finlay Fine Jewelry was one of the leading retailers of fine jewelry and the largest operator of leased fine jewelry departments in department stores throughout the United States. Founded in 1887, New York-based Finlay now operated in approximately 1000 department store locations in the United States. The Company operated fine jewelry departments in the following major department stores:
The May Department Stores Company
Meier & Frank
Lord & Taylor
Federated Department Stores
The Bon Marche
Saks Incorporated Department Stores
Carson Pirie Scott
Other Department Stores
Finlay sells a broad selection of moderately priced fine jewelry, including necklaces, earrings, bracelets, rings and watches, and marketing these items principally as fashion accessories with an average sales price of approximately $191 per item. Average sales per department were $932,000 in 2003 and the average size of a department is approximately 800 square feet. As of January 31, 2004, Finlay operated in 972 locations throughout the United States. In fiscal 2003, Finlay achieved sales of $903 million. Comparable department sales increased 2.3% during 2003, although over the last ten years same store sales have averaged 3.7%. Over the past five years, Finlay’s domestic sales and net income have increased at a compound annual growth rate of 3.1% and 6.5%, respectively.
Refer to FAQ (Frequently Asked Questions) for “Why do Department Stores Outsource?” and “What are the benefits to Finlay?”
Finlay Enterprises, Inc. conducts business through its wholly owned subsidiary, Finlay Fine Jewelry Corporation and its wholly owned subsidiaries.