Birks & Mayors H1 Sales Rise, Debts and Losses Decrease

(IDEX Online News) - Net sales by Birks & Mayors Inc. increased 8.8 percent to $111.2 million from $102.2 million in the first six months of its fiscal year ending September 25.  Comparable store sales were up 5 percent, yet the company posted a net loss of $9.5 million.

The company's loss is a decrease from the $12.9 million loss reported in the first half of the prior fiscal year.

The increase in net sales is partially attributed to a stronger Canadian dollar compared to the U.S. dollars, adding $5.8 million to the retailer's bottom line.  

Inventory worth $140.8 million is a decrease of 11.2 percent from the $158.6 million inventory the company held at September 26, 2009. Bank indebtedness decreased $13.8 million.

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