Birks & Mayors Reports First Half Comparable Store Sales Increase 3% And Reports Mid-Year Financial Results
Birks & Mayors Inc. (the “Company” or “Birks & Mayors”) (NYSE AMEX:BMJ), which operates 58 luxury jewelry stores across Canada, Florida and Georgia, reported results for the twenty-six week period ended September 29, 2012.
For the 26 Weeks Ended September 29, 2012 compared to the 26 Weeks Ended September 24, 2011
- Net sales decreased 3.8% to $124.9 million from $129.9 million in the prior-year period;
- Comparable store sales were up 3% as compared to the prior-year period;
- Gross profit margin decreased by 120 basis points over the prior-year period; and
- The net loss for the period was $5.7 million, or $0.47 per share, compared to a net loss of $5.6 million, or $0.49 per share, in the prior-year period.
Six-Month Fiscal 2013 Results
Net sales for the twenty-six weeks ended September 29, 2012 decreased by 3.8% to $124.9 million from $129.9 million for the twenty-six weeks ended September 24, 2011. The $5.0 million decrease in reported net sales is primarily attributable to $4.6 million of lower sales related to the closure of seven stores which operated during the first half of last year and $2.3 million of lower sales related to translating the sales of the Canadian operation to U.S. dollars with a weaker Canadian dollar as compared to the prior period, partially offset by a 3% increase in comparable store sales. The comparable store sales increase of 3% reflects an 8% comparable store sales increase in Canada and a 2% decrease in the U.S. Comparable store sales in both countries were negatively impacted by lower store traffic which resulted in a decrease in the number of sales transactions, however, both regions experienced increases in average sales consistent with the Company’s current merchandising and marketing strategies. While the increase in average sales transactions in Canada was able to drive comparable store sales growth, the increase in average sales transaction in the U.S. was not large enough to offset the decrease in the number of sales transactions associated with the reduced store traffic.
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