Birks & Mayors Inc. (the “Company” or “Birks & Mayors”) (NYSE AMEX:BMJ), which operates 61 luxury jewelry stores across Canada, Florida and Georgia, reported financial results for the fiscal year ended March 26, 2011 (“fiscal 2011”) as well as sales results for the thirteen weeks ended June 25, 2011 (“first quarter fiscal 2012”).
Fiscal 2011 Financial Results:
- Net sales increased 6.2% to $270.9 million from $255.1 million in the prior year;
- Comparable store sales increased by 2%, as compared to the prior year period;
- The gross profit margin grew by 180 basis points over the prior year; and
- The net loss decreased by $11.7 million, or $1.03 per share, to $7.7 million, or $0.68 per share, from a net loss of $19.5 million, or $1.71 per share, in the prior year.
First Quarter Fiscal 2012 Sales Results:
- Net sales increased 18.8% to $71.2 million from $59.9 million in the prior year’s comparable period; and
- Comparable store sales increased 10% as compared to the prior year period.
Net sales for fiscal 2011 increased 6.2%, or $15.9 million, to $270.9 million, as compared to $255.1 million for the fiscal year ended March 27, 2010 (“fiscal 2010”). The increase in net sales was primarily driven by a 2% increase in comparable store sales, representing $3.8 million of the increase, as well as the impact of $2.1 million of higher sales from two new stores net of lower sales related to the closing of six stores during the fiscal 2010. Also impacting the increase in sales in fiscal 2011 was $9.6 million of higher sales related to translating the sales of our Canadian operations into U.S. dollars due to the stronger Canadian dollar. The comparable stores sales increase of 2% reflects a 1% increase in comparable store sales in the U.S. and a 2% increase in comparable store sales in Canada. The increase in comparable store sales in both countries during fiscal 2011 was primarily related to an increase in the average sale transaction as demand for luxury retail products began to slowly increase in both Canada and the U.S.