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Birks & Mayors Inc. (AMEX: BMJ) (the “Company”) announced today that comparable store sales during the holiday season (for the period from November 4, 2012 through December 29, 2012) increased by 5% on a consolidated basis compared to the last year’s holiday season (for the period from October 30, 2011 through December 24, 2011). Comparable store sales in the U.S. increased by 6% and by 4% in Canada during this period. Comparable store sales include stores open in the same period in both the current and prior year and at constant exchange rates. The stronger sales results in both Canada and the U.S. reflect an increase in the average sale.
Jean-Christophe Bédos, President and Chief Executive Officer of Birks & Mayors commented, “I am very pleased with our sales performance during the holiday period especially with the success of several of our new initiatives including the complete transformation of some of our stores and the very successful introduction of several new Birks product collections in Canada. The success of these new initiatives along with the efforts of our dedicated team were the primary drivers of our higher comparable store sales performance. As we enter our fourth fiscal quarter, we believe that the success of these new initiatives along with our continued commitment to provide superior customer service and product selection will allow us to carry the momentum we established during the holiday period into the fourth quarter and result in continued sales growth and improve our bottom line profitability for the year.”
Fiscal Third Quarter Sales Results
Comparable store sales for the third quarter increased by 4%, with increases of 4% in both the U.S. and Canada, driven by an increase in the average sale in both regions. Total revenues for the third quarter of fiscal 2013 decreased 1% or $1.1 million, to $101.4 million, as compared to $102.5 million during the third quarter of last fiscal year as the comparable store sales increase of 4%, or $3.6 million, and $1.8 million of higher reported sales due to currency translation was offset by lower sales associated with the closure of 3 underperforming stores and the relocation and downsizing of two stores and lower revenues related to precious metal refining services offered to customers in Canada.