Finaly Enterprises announced its financial results for the first quarter of the year 2009, incurring loss worth $28.7 million, over the $11 million loss in the same period last year. The loss occurred despite a 12 percent increase in the company’s sales, which amounted to $159.3 million in the said three months. According to reports, the loss was attributed due to liquidation sale at Finlay department stores, which the company had decided to close. The Finlay specialty store saw a 20 percent dip in sales, which amounted to $62.5 million. Finlay stand-alone jewellery stores accounted a $12.1 million loss in the said three months, which the company said was due to reduced consumer spends and the constant operational costs at the stores.