Birks & Mayors Reports Mid-Year Results
Birks & Mayors Inc. (the “Company” or “Birks & Mayors”) (NYSE AMEX:BMJ), which operates 61 luxury jewelry stores across Canada, Florida and Georgia, reported results for the twenty-six week period ended September 24, 2011.
For the 26 Weeks Ended September 24, 2011 compared to the 26 Weeks Ended September 25, 2010
- Net sales increased 16.8% to $129.9 million from $111.2 million in the prior-year period;
- Comparable store sales were up 6% as compared to the prior-year period;
- Gross profit margin grew by 160 basis points over the prior-year period; and
- The net loss for the period decreased by $3.9 million or $0.35 per share to $5.6 million, or $0.49 per share, from a net loss of $9.5 million, or $0.84 per share, in the prior-year period.
Six-Month Fiscal 2012 Results
Net sales for the 26-week period ended September 24, 2011 increased 16.8% to $129.9 million from $111.2 million for the 26-week period ended September 25, 2010. The increase in reported net sales for the current 26-week period is primarily attributable to comparable store sales growth of 6%, $4.9 million of higher sales generated from a new store opening net of $1.5 million of lower sales associated with the closure of four stores and $4.3 million of higher sales associated with foreign currency translation of the Company’s Canadian operations into U.S. dollars due to the stronger Canadian dollar. The comparable store sales increase of 6% reflects a 4% comparable store sales increase in Canada and a 9% increase in the U.S. The increase in comparable store sales in both Canada and the U.S. is primarily attributable to an increase in the Company’s average sale as well as an increase in sales transactions in the U.S.
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