Birks & Mayors Q4 Comparable Store Sales Increase 8%

Birks & Mayors Inc. reported that net sales for the fourth quarter of fiscal 2005-06 increased 12.6 percent to $56 million, as compared to net sales of $49.8 million in the prior year fourth quarter.

Comparable store sales increased 8 percent during the fourth quarter, as compared to a 1 percent increase in the prior year period. Comparable store sales growth included a 14 percent increase in Canada and a 4 percent gain in the U.S.

Also, benefiting fourth quarter net sales was $1.2 million related to the translation of the Canadian operations into U.S. Dollars at a higher exchange rate due to the strengthening of the Canadian Dollar.

For the full fiscal year, the company reported net sales of $274.3 million, a 14.6 percent increase over the prior fiscal year net sales of $239.3 million. Comparable store sales increased 11 percent for the year, as compared to a 7 percent increase in the prior year period. Comparable stores sales included a 7 percent increase in Canada and a 13 percent rise in the U.S. Also, contributing to the increase in net sales in fiscal 2005 was approximately $7.6 million due to the translation of the Canadian operations into U.S. Dollars at higher exchange rates.

Commenting on the sales results, Thomas A. Andruskevich, president and CEO, stated, "We are extremely pleased to report solid sales growth in Fiscal 2005, demonstrating the effectiveness of our merchandising and marketing strategies. As we begin fiscal 2006, we believe we are poised to continue our positive sales momentum and benefit from the significant resources that our combined company has to offer."

Andruskevich, continued, "Based on the strength of our business and with our integration essentially complete, we are now focused on capitalizing on the many opportunities that exist to profitably grow our Birks and Mayors brands. A key component of this strategy is the selective expansion of our store base. Additionally, we expect to gain market share, as we continue our emphasis on differentiation and product innovation while satisfying our consumers' needs for superior service."

The Company expects to announce its full Fiscal 2005 results during the week of July 10, 2006.

Birks & Mayors operates 67 luxury jewelry stores across Canada, Florida and Georgia.