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Birks & Mayors Reports First Half Comparable Store Sales Increase 3% And Reports Mid-Year Financial Results

Conference Call Information

A conference call to discuss the results of the 26-week period ended September 29, 2012, is scheduled for today, November 15, 2012 at 10:00 a.m. Eastern Time . Investors and analysts in the U.S. and Canada interested in participating in the call are invited to dial 1-888-430-8709 approximately ten minutes prior to the start of the call. All other international callers please dial 1-719-457-2661 prior to the presentation. The conference call will also be web-cast live at A replay of this call will be available until 11:59 pm Eastern Time on November 22, 2012 and can be accessed by dialing 1-877-870-5176 and entering conference PIN number 1750240.

Birks & Mayors is a leading operator of luxury jewelry stores in the United States and Canada. As of November 15, 2012, we operated 31 stores under the Birks brand in most major metropolitan markets of Canada, 24 stores in the Southeastern U.S. under the Mayors brand, one store under the Rolex brand name and two retail locations in Calgary and Vancouver under the Brinkhaus brand. Birks was founded in 1879 and developed over the years into Canada’s premier retailer, designer and manufacturer of fine jewelry, timepieces, sterling and plated silverware and gifts. Mayors was founded in 1910 and has maintained the intimacy of a family-owned boutique while becoming renowned for its fine jewelry, timepieces, giftware and service. Additional information can be found on Birks & Mayors web site,

Forward-Looking Statements

This press release contains certain “forward-looking” statements concerning the Company’s performance and strategies, including the confidence that the introduction of new Birks products and a stronger holiday season will help the Company experience sales increases in the second half of the year thereby allowing the Company to achieve an improvement in its bottom line profitability for the year. Because such statements include various risks and uncertainties, actual results might differ materially from those projected in the forward-looking statements and no assurance can be given that the Company will meet the results projected in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: (i) economic, political and market conditions, including the economies of the U.S. and Canada, which could adversely affect our business, operating results or financial condition, including our revenue and profitability, through the impact of changes in the real estate markets (especially in the state of Florida), changes in the equity markets and decreases in consumer confidence and the related changes in consumer spending patterns, the impact on store traffic, tourism and sales; (ii) the impact of fluctuations in foreign exchange rates, increases in commodity prices and borrowing costs and their related impact on the Company’s costs and expenses; and (iii) the Company’s ability to maintain and obtain sufficient sources of liquidity to fund its operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement its business strategy, maintain relationships with its primary vendors, to mitigate fluctuations in the availability and prices of the Company’s merchandise, to compete with other jewelers, to succeed in its marketing initiatives, and to have a successful customer service program. Information concerning factors that could cause actual results to differ materially are set forth in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on July 3, 2012 and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.
(In thousands, except per share amounts)


Weeks Ended

September 29,



Weeks Ended

September 24,

Net sales $ 124,930 $ 129,894
Cost of sales 70,990 72,216
Gross profit 53,940 57,678
Selling, general and administrative expenses 52,696 55,322
Depreciation and amortization 2,216 2,348
Total operating expenses 54,912 57,670
Operating (loss) income (972) 8
Interest and other financial costs 4,702 5,586
Loss before income taxes (5,674) (5,578)
Income tax expense 20 23
Net loss $ (5,694) $ (5,601)
Weighted average common shares outstanding:

Basic and diluted
12,243 11,391
Net loss per common share:

Basic and diluted
$ (0.47) $ (0.49)
(In thousands)
  September 29,   September 24,
2012 2011
Current Assets:
Cash and cash equivalents $ 2,660 $ 4,337
Accounts receivable 6,770 7,235
Inventories 153,861 146,032
Prepaids and other current assets   3,399     2,931  
Total current assets   166,690     160,535  
Property and equipment 26,623 24,842
Intangible assets 983 981
Other assets   1,975     2,594  
Total non-current assets   29,581     28,417  
Total assets $ 196,271   $ 188,952  
Current Liabilities:
Bank indebtedness $ 81,008 $ 73,847
Accounts payable 46,184 44,977
Accrued liabilities 10,441 9,771
Current portion of long-term debt   4,910     3,953  
Total current liabilities 142,543 132,548
Long-term debt 40,654 47,473
Other long-term liabilities   3,208     3,753  
Total long-term liabilities 43,862 51,226
Stockholders' Equity:
Common stock 64,489 60,896
Additional paid-in capital 15,887 15,790
Accumulated deficit (77,061 ) (77,187 )
Accumulated other comprehensive income   6,551     5,679  
Total stockholders' equity   9,866     5,178  
Total liabilities and stockholders' equity $ 196,271   $ 188,952  

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