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S&P Downgrades Finlay on Weak 1Q Results
By Avi Krawitz Posted: 06/01/08 04:20
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RAPAPORT... Standards & Poor’s Ratings Services lowered its rating on Finlay Enterprises and subsidiary Finlay Fine Jewelry Corp from ‘B-‘ to ‘CCC’ after the jeweler reported its first quarter results last week.

"The downgrade reflects Finlay's continued weak operating performance and deteriorating liquidity position," said S&P's credit analyst David Kuntz.

Kuntz said there was concern regarding Finlay’s limited history in operating free-standing retail stores and its distressed credit protection metrics as additional factors contributing to the downgrade.

S&P said it had a negative outlook for Finlay.

Last week, the company reported that its net loss widened by 45 percent to $11.01 million for the first fiscal quarter ending May 3, 2008, blaming weak consumer confidence in the United States for its poor performance. The loss came despite a 26 percent rise in sales for the period to $205.1 million.

Shares in Finlay fell to $0.65 a share following its earnings release Thursday before coming back to close the week at $0.73 on Friday, 2.8 percent higher than its starting point Tuesday.
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