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Q3 net income goes up at luxury jewelry stores operator
20 Feb '07
2 min read
Birks & Mayors Inc, which operates 67 luxury jewelry stores across Canada, Florida and Georgia, reported results for the thirteen weeks ended December 30, 2006 (Third Quarter). The Company noted that its current fiscal year, ending March 31, 2007 (Fiscal 2007) represents a 53-week period and compares to a 52-week period in Fiscal 2006.
As a result, the first nine months of Fiscal 2007 include 40 weeks versus the first nine months of the fiscal year ended March 25, 2006 (Fiscal 2006) that included 39 weeks.
Third Quarter Highlights:
• Net sales increased 4.3% to $114.7 million, from $110.0 million in the prior year period;
• Comparable store sales increased 3%, as compared to a 14% increase in the prior year period;
• Gross margin rose 130 basis points to 50.2% of net sales;
• Operating income increased 21.6% to $22.3 million, or 19.4% of net sales from $18.3 million, or 16.7% of net sales in the prior year period; and
• Net income increased 24.6% to $19.6 million, as compared to net income of $15.7 million in the prior year period.
Thomas A. Andruskevich, President and Chief Executive Officer stated: “Our record Third Quarter results can be attributed to our ongoing ability to provide clients with distinctive and desirable high-quality jewelry and timepieces."
"We were delighted by the performance of our Canadian stores during the third quarter season with comparable store sales increasing 8%. In the U.S., we mitigated the negative traffic trend in Florida through successfully executing our marketing, retail, and merchandising initiatives focused on personalized client service and the continued emphasis on product assortments at higher price points.”
As a result, the first nine months of Fiscal 2007 include 40 weeks versus the first nine months of the fiscal year ended March 25, 2006 (Fiscal 2006) that included 39 weeks.
Third Quarter Highlights:
• Net sales increased 4.3% to $114.7 million, from $110.0 million in the prior year period;
• Comparable store sales increased 3%, as compared to a 14% increase in the prior year period;
• Gross margin rose 130 basis points to 50.2% of net sales;
• Operating income increased 21.6% to $22.3 million, or 19.4% of net sales from $18.3 million, or 16.7% of net sales in the prior year period; and
• Net income increased 24.6% to $19.6 million, as compared to net income of $15.7 million in the prior year period.
Thomas A. Andruskevich, President and Chief Executive Officer stated: “Our record Third Quarter results can be attributed to our ongoing ability to provide clients with distinctive and desirable high-quality jewelry and timepieces."
"We were delighted by the performance of our Canadian stores during the third quarter season with comparable store sales increasing 8%. In the U.S., we mitigated the negative traffic trend in Florida through successfully executing our marketing, retail, and merchandising initiatives focused on personalized client service and the continued emphasis on product assortments at higher price points.”
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