Birks and Mayors 1Q sales drop 20 percent-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Birks and Mayors 1Q sales drop 20 percent

7/21/2009 3:05:55 PM

Montreal--Same-store sales at Birks and Mayors Inc. decreased 20 percent for the 13 weeks ended June 27, and net sales decreased 26 percent to $53.6 million, compared with $72.4 million for the same period last year, the company announced on Monday.

Same-store sales include stores open in the same period in both the current and prior year and at constant exchange rates, and are composed of a 26 percent decline in the United States and a 13 percent decline in Canada.

In addition, $4.3 million of the decrease in net sales is related to translating the sales of the company's Canadian operations into U.S. dollars with a relatively weaker Canadian dollar.

Birks and Mayors President and Chief Executive Officer Thomas A. Andruskevich said in a media release that the company's first-quarter sales results continue to reflect the recessionary environment, and a severe drop in consumer confidence has reduced demand for luxury goods.

"While we are encouraged by a steady improvement in the rate of monthly comparable-store sales declines since the end of March, the competitive landscape, including the liquidation sales of jewelry and timepieces, will continue to create a challenging sales environment for the company and the jewelry industry," Andruskevich said in the release.

Founded in 1910, Birks and Mayors operates 69 luxury jewelry stores in the United States and Canada. As of June 30, 2009, the company operated 37 stores (Birks Brand) across most major metropolitan markets in Canada and 30 stores (Mayors Brand) across Florida and Georgia, as well as two retail locations in Calgary and Vancouver under the Brinkhaus brand.

For more information about Birks and Mayors, visit the company's Web site, BirksandMayors.com.

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