Birks and Mayors' holiday sales rise 6 percent |
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1/14/2010 7:21:03 PM
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Montreal--Luxury jeweler Birks and Mayors saw net sales rise 6 percent during the fiscal 2010 holiday season, but sales in the U.S. market, particularly Florida, remained weak compared to more robust sales in Canadian stores, the company said.
Net sales for the company's Nov. 1 through Dec. 26, 2009 financial period increased by 6 percent to $69.7 million, up from last year's holiday season when net sales totaled $66 million for the Nov. 2 through Dec. 27, 2008 period, the company said in figures released earlier this week.
The increase in net sales reflects $5.5 million of higher sales related to translating the sales of the company's Canadian operations into U.S. dollars, with a relatively stronger Canadian dollar, Birks and Mayors said.
"We are encouraged by the increase in sales in our Canadian market during the holiday sales period," Thomas Andruskevich, president and chief executive officer said in a statement. "However, sales in the U.S. continued to be negatively impacted by the weakness in the economy, especially in the Florida market. As we enter our final fiscal quarter, we will continue to carefully manage the level and productivity of our inventory, reduce expenses wherever possible and limit capital expenditures, all with an aim to optimize cash flow."
In addition, he said, the company will keep its focus on customer service and maintaining strong client relationships.
The company also reported that comparable store sales during the holiday season (which include stores open in the same period in both the current and prior year and at constant exchange rates) were flat with last year's sales as a 6 percent increase in comparable store sales in Canada was offset by a 6 percent decrease in comparable store sales in the United States.
The stronger Canadian sales results reflect a higher average dollar amount per transaction, while the U.S. decrease was primarily due to a drop in store traffic resulting from the continued weakness in consumer spending and the challenging market in Florida, where Mayors found itself competing with a number of jewelers who were liquidating inventory in advance of closing stores and going out of business.
Birks and Mayors operates 35 stores across most major metropolitan markets in Canada under the Birks nameplate and 30 stores under the Mayors nameplate across Florida and Georgia. It also operates two retail locations in Calgary, Alberta, and Vancouver, British Columbia, under the Brinkhaus brand. |
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