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| Thomas A. Andruskevich |
Luxury retail jeweler Birks & Mayors Inc. said net sales during the fiscal 2011 holiday season (October 31, 2010, through December 25, 2010) increased by 8 percent to $75.5 million, compared to net sales of $69.7 million during last year’s holiday season.
The Montreal-based company, with stores in the U.S. and Canada said the $5.6 million increase in net sales was driven by an increase in comparable store sales, $1.9 million of higher sales related to translating the sales of the Company’s Canadian operations into U.S. dollars with a relatively stronger Canadian dollar, and $1.1 million of sales from two new stores, net of the closure of four stores.
Comparable store sales during the holiday season increased by 4 percent year-over-year, with comparable store sales in Canada increasing by 7 percent and U.S. comparable store sales growing by 2 percent. The stronger Canadian sales results reflect an increase in sales transactions primarily related to an increase in store traffic while the increase in the U.S. reflects a higher average sales transaction.
“We are pleased by the increase in sales in our Canadian market and are encouraged by the sales growth in the U.S., especially in December,” said Thomas A. Andruskevich, Birks & Mayors president and CEO. “As we enter our final fiscal quarter, we will continue to focus on generating increases in sales and gross profit while continuing to diligently control expenses, manage the level and productivity of our inventory and limit capital expenditures.”
Birks & Mayors operates 68 luxury jewelry stores in the U.S. and Canada. The company operates 33 stores under the Birks brand in most major markets in Canada and 29 stores under the Mayors brand in Florida and Georgia, two retail locations in Calgary and Vancouver under the Brinkhaus brand, one retail location in Orlando under the Rolex brand, and three temporary retail locations in Florida and Tennessee under the Jan Bell brand.
The Montreal-based company, with stores in the U.S. and Canada said the $5.6 million increase in net sales was driven by an increase in comparable store sales, $1.9 million of higher sales related to translating the sales of the Company’s Canadian operations into U.S. dollars with a relatively stronger Canadian dollar, and $1.1 million of sales from two new stores, net of the closure of four stores.
Comparable store sales during the holiday season increased by 4 percent year-over-year, with comparable store sales in Canada increasing by 7 percent and U.S. comparable store sales growing by 2 percent. The stronger Canadian sales results reflect an increase in sales transactions primarily related to an increase in store traffic while the increase in the U.S. reflects a higher average sales transaction.
“We are pleased by the increase in sales in our Canadian market and are encouraged by the sales growth in the U.S., especially in December,” said Thomas A. Andruskevich, Birks & Mayors president and CEO. “As we enter our final fiscal quarter, we will continue to focus on generating increases in sales and gross profit while continuing to diligently control expenses, manage the level and productivity of our inventory and limit capital expenditures.”
Birks & Mayors operates 68 luxury jewelry stores in the U.S. and Canada. The company operates 33 stores under the Birks brand in most major markets in Canada and 29 stores under the Mayors brand in Florida and Georgia, two retail locations in Calgary and Vancouver under the Brinkhaus brand, one retail location in Orlando under the Rolex brand, and three temporary retail locations in Florida and Tennessee under the Jan Bell brand.
