Birks & Mayors Q4 net sales rise 6.9% to $294mn

14 Jun '07

2 min read

Birks & Mayors Inc which operates 67 luxury jewelry stores across Canada, Florida and Georgia, reported results for the fourth quarter and fiscal year ended March 31, 2007 (“Fiscal 2007”).

The Company noted that Fiscal 2007 represented a 53-week period (one additional week was included in the first quarter) and compares to the 52-week period ended March 25, 2006, (“Fiscal 2006”).

Fiscal 2007 Highlights:
• Net sales increased 6.9% to $294.3 million from $275.4 million in the prior year period;
• Comparable store sales increased 4%, following an 11% gain in the prior year period;
• Gross margin expanded by 130 basis points to 48.3% of net sales;
• Operating income increased 38.8% to $20.4 million, or 6.9% of net sales, as compared to $14.7 million, or 5.3% of net sales in the prior year period; and
• Net income increased 129.7% to $13.1 million, or $1.11 per diluted share, as compared to $5.7 million, or $0.57 per diluted share, in the prior year period.

“Fiscal 2007 represented a strong year of growth for our Company,” began Tom Andruskevich, President and Chief Executive Officer of Birks & Mayors.

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“We achieved sales and net income results which surpassed expectations,” Mr. Andruskevich continued. We believe that our better-than-expected top and bottom line results demonstrate that our strategies to provide our clients with unique assortments and deliver superior and personalized customer service while increasing the percentage of our internally produced products are working and leading to increased profitability and earnings per share.

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