Birks & Mayors Annual Sales -5.8%, Posts $19.5 Million Loss

Luxury jeweler Birks & Mayors Inc., suffered from a rough year, but offered a glimmer of optimism for the coming year. The North American retailer on Tuesday reported a 5.8 percent decline in sales to $255.1 million in the fiscal year ending March 27.

With comparable store sales in the past fiscal year were down 6 percent from the prior year, Birks & Mayors posted a net loss of $19.5 million compared to a net loss of $61 million in the prior year period.

The comparable stores sales decrease reflects a 12 percent decline in sales in the U.S. and a 1 percent decline in sales in Canada. The company said that the decrease in comparable stores was especially felt in Florida.

Contrasting the past year’s weak results, sales in the first quarter of the current year rose 11.8 percent to $59.9 million. For the first quarter of fiscal 2011, comparable store sales increased 6.

The increase in comparable store sales was comprised of a 2 percent increase in sales of the U.S. stores and a 9 percent increase in sales in Canada, reflecting the continued strength in the Canadian business. Both the Canadian and U.S. comparable store sales growth also reflect a very successful Mother's day and summer sale, the company added.

Birks & Mayors operates 64 luxury jewelry stores across Canada, Florida and Georgia.