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Birks & Mayors posts Q1 2008 results

13 Aug '07
3 min read

Birks & Mayors Inc reported results for the thirteen weeks ended June 30, 2007 (First Quarter Fiscal 2008). The Company notes that the prior year first quarter ended July 1, 2006 (First Quarter Fiscal 2007) included fourteen weeks with the additional week estimated to have added $4.3 million to net sales and approximately $900,000 of profit in the First Quarter Fiscal 2007.

For the 13 Weeks Ended June 30, 2007 compared to the 14 Weeks Ended July 1, 2006:
• Net sales were $68.1 million compared to $68.8 million in the First Quarter Fiscal 2007. Excluding the impact of $4.3 million of net sales related to the one extra selling week in April of 2006, net sales rose 5.5%;

• Comparable store sales increased 4%, which follows a 9% comparable store sales increase in the prior year first quarter; and

• Net loss was $2.0 million, or ($0.18) per share, as compared to net loss of $913,000, or ($0.08) per share, in the First Quarter Fiscal 2007. It should be noted that the prior year loss of $913,000 included the benefit of approximately $900,000 from the extra week in that period, while the net impact of currency translation was not significant in either period.

Thomas A. Andruskevich, President and Chief Executive Officer said, “Our first quarter results were below the prior year reflecting the additional week in last year's first quarter as well as approximately $600,000 of increased marketing costs in the current year first quarter to support our growth initiatives."

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