This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Birks & Mayors Reports Improved Financial Results

Birks & Mayors Inc. (the “Company” or “Birks & Mayors”) (NYSE MKT LLC:BMJ), which operates 57 luxury jewelry stores across Canada, Florida and Georgia, reported financial results for the fiscal year ended March 31, 2012 (“fiscal 2012”). The Company noted that fiscal 2012 represented a 53-week period compared to a 52-week period ended March 26, 2011, (“fiscal 2011”).

Fiscal 2012 financial results showed a marked improvement over the prior year:

  • Net sales increased 11.6%, or $31.4 million to $302.3 million;
  • Comparable store sales increased by 5% for the full fiscal year;
  • Gross profit margin improved by 114 basis points over the prior year; and
  • The net income for the fiscal year improved by $8.0 million, or $0.70 per share, to net income of $0.2 million, or $0.02 per share, from a net loss of $7.7 million, or $0.68 per share, in the prior fiscal year. Excluding $2.1 million of post-employment benefit charges associated with the departure of the Company’s former Chief Executive Officer at the end of fiscal 2012, net income was $2.3 million or $0.21 per share.

The $31.4 million increase in net sales was primarily driven by a 5% increase in comparable store sales, $7.6 million of higher sales from a new store offset by $4.6 million of lower sales associated with the closure of six stores, $8.1 million increase in revenues related to the Company’s refining operations, $4.4 million of higher sales related to the extra week in fiscal 2012, $0.6 million increase in corporate sales and $3.1 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 store sales increase of 5% reflects a 6% increase in comparable store sales in the U.S. and a 4% increase in comparable store sales in Canada. The increase in comparable store sales in both countries during fiscal 2012 was primarily related to an increase in the average sale transaction as demand for luxury retail products continued to improve in both the U.S. and Canada.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs