Birks & Mayors posts Q1 2008 results

13 Aug '07

3 min read

"We believe our first quarter results should not overshadow encouraging sales trends, including comparable store sales growth of 4% for the quarter that included balanced growth within our U.S. and Canadian regions.”

“During the quarter, we continued to progress toward advancing our key strategic initiatives to build awareness for our Birks branded products, intensify our exclusive brands and expand our store base."

"We believe we remain poised to achieve our fiscal 2008 growth targets while positioning Birks & Mayors to generate long-term sustained growth and attain our vision of being recognized internationally as a world class luxury brand.”

First Quarter Fiscal 2008 Results:
For the First Quarter Fiscal 2008, net sales were $68.1 million, as compared to $68.8 million for the First Quarter Fiscal 2007.

Excluding the sales related to the extra selling week in the First Quarter Fiscal 2007 of approximately $4.3 million, net sales rose 5.5%. Comparable store sales increased 4% in both the Company's U.S. and Canadian markets, which was primarily driven by a higher average retail price per transaction.

Comparable store sales are measured on a constant exchange rate basis, which excludes the impact of changes in foreign exchange rates.

Also contributing to First Quarter Fiscal 2008 net sales was approximately $800,000 of higher sales due to the translation of the Canadian operations into U.S. Dollars at higher exchange rates due to the strengthening of the Canadian Dollar.

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