Mayors Posts 14% Sales Rise in Third Quarter

Mayor’s Jewelers, Inc posted a 14 percent rise in comparable stores sales for the fiscal third quarter and a 12 percent increase for the 39-week period ended December 27.

Net sales for the quarter from 28 stores were $50.3 million compared with sales of $43.6 million in 30 stores in the corresponding quarter last year ending January 4.

For the 39-week period, sales were $98.7 million as compared to the 40-week period ending on January 4 last year of $98.4 million when the company operated between 29 and 40 stores.

Net income amounted to $4 million, or 4 cents a share, for the third quarter, a 41 percent rise on the same period last year of $2.9 million, or three cents per share. For the 39-week period, Mayor’s loss declined by 80 percent to $4.2 million, or a loss per share of 23 cents compared with a loss of $20.6 million, or $1.08 per share.