RapNet
The Most Precious Resource for Your Diamond Business


Rapaport News

 

Financial-Legal

 
Rapaport Broadcast
Live at Centurion Show: Rapaport talks to the independent jeweler
April 08 2014

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Birks & Mayors 1H Sales +17%, Reduces Loss 41%

Higher Prices Drive Revenue
Nov 16, 2011 4:22 PM   By Jeff Miller
Email Email Print Print Facebook Facebook Twitter Twitter Share Share

RAPAPORT... Birks & Mayors reported revenue increased 17 percent year on year to $129.9 million during its first fiscal-half that closed on September 24. Comparable-store sales rose 6 percent. Cost of sales rose 13 percent to $72.3 million, but the jeweler reported a net loss of $5.6 million, which was down from a loss of $9.5 million one year ago.

During the first six months of the retailer's fiscal year, new stores generated $4.9 million in sales and Birks & Mayors recorded a sales gain of  $4.3 million due to  the stronger Canadian dollar. Birks & Mayors reported  an increase in the ''average sale'' as well as an increase in sales transactions in the U.S.

Gross profit was 44.3 percent of net sales, up from  42.7 percent one year ago. The 160 basis point increase was primarily attributable to retail price increases and a reduction in promotional pricing activities.

Inventory totaled $146 million on September 24, representing nearly a 4 percent increase year-on-year and this increase was largely due to the higher costs of precious metals, diamonds and Swiss timepieces.

Tom Andruskevich, the president of Birks & Mayors, said, ''During the first half of the fiscal year we continued to generate strong improvements in our performance even during the continuing uncertain economic environment. We are encouraged by the progress we have achieved in executing our merchandising and marketing strategies resulting in improved sales, gross margin and operating profit so far this year and will continue to focus on generating increases in sales and gross profits throughout the holiday season in order to return the company to profitability. In addition, we plan to continue to control expenses, manage the level and productivity of our inventory, and limit capital expenditures while continuing to focus on providing superior customer service and maintaining strong client relationships.''

 

Tags: birks, higher, Jeff Miller, Jewelry, mayors, prices, sales
Similar Articles
Similar Videos
Growth Disparity Widens Among Industry's Top Securities
Jan 02, 2013
There seemed to be two stories emerging from diamond industry share...
Zales Store 1111 sm
Zale's 4Q Sales +8%,... Diamond News Broadcast Diamond News Broadcast
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Terms and Conditions   RapNet Trading Rules & Code of Conduct    Privacy Policy  
All Content © Copyright 1982-2014 by Martin Rapaport. All rights reserved.  
About Rapaport
Advertise with us

Why RapNet? Why join Rapnet? RapNet for Buyers RapNet for Sellers Connecting on RapNet Pricing with RapNet RapNet Features Products and Services Rapaport Price List Rapaport Magazine Rapaport Auctions Laboratory Services Buyers and Suppliers Groups RapNet Inventory Link Features Rapnet Customized Search Engine TradeScreen™ Price Research RapNet Excel® Add-In for Microsoft ® RapNet TradeLink® Buy Requests New Certs Program Rapaport Diamond Price Calculator Member Directory + Ratings System Programs to Connect to RapNet Data Rapaport Weekly Report Rapaport News Global customer Support Exhibitors Directory and Diamond Search Service About and News About Rapaport Events Market Reports Join RapNet Trading Wholesale Diamonds Buying Diamonds Certified Diamonds Diamond Prices Diamond Pricing Diamond Trade Diamond Trading Diamonds For Sale Sell Diamonds Contact Customer Service Contact Regional Offices Contact a representative