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Annual marketing initiatives perk up Mayor's Q1 sales

Aug '05
Florida based Jewelry company Mayor's Jewelers Inc reported the results for its first fiscal quarter ended June 25, 2005, which were notably improved in comparison to the previous year's first fiscal quarter results.

Net sales increased 11.7 percent to $32.5 million for the first fiscal quarter, which included the thirteen weeks ended June 25, 2005, compared to $29.1 million for the prior year's first fiscal quarter, which included the thirteen weeks ended June 26, 2004.

Comparable store sales for this year's first fiscal quarter increased 11.5 percent from last year's first fiscal quarter. The increase in comparable store sales was primarily driven by an increase in the Company's average sale, an increase in high-end sales, and strong results from annual marketing initiatives such as the spring catalog.

Gross profit for the current first fiscal quarter was $14.4 million or 44.3 percent of net sales, compared to $12.2 million or 41.7 percent of net sales during the prior year's first fiscal quarter. The increase in gross margin (gross profit as a percentage of net sales) was due in substantial part to the successful execution of merchandising and retail strategies.

Click here to see the report:

Net loss for the current first fiscal quarter decreased 72.1 percent to ($689,000) as compared to a net loss of approximately ($2.5) million for the first fiscal quarter of the previous year. Loss per share for the first fiscal quarter of the current year was ($0.03) as compared to ($0.07) in the first fiscal quarter of the prior year.

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