Birks & Mayors announced that net sales during the first quarter of 2010 were $53.6 million, representing a decrease of $18.8 million, or 26%, compared to net sales of $72.4 million during the first quarter of last fiscal year.
It also reported that comparable store sales during this period decreased by 20%, which with a 26% decline in the U.S. and a 13% decline in Canada. $4.3 million of the decrease in net sales is related to translating the sales of the Company’s Canadian operations into U.S. dollars, given the weaker Canadian dollar.
Thomas A. Andruskevich, president and chief executive officer commented, “This year’s fiscal first quarter sales results continued to reflect the recessionary environment, and severe drop in consumer confidence which has reduced demand for luxury retail products. While we are encouraged by a steady improvement in the rate of monthly comparable store sales declines since the end of March, the competitive landscape, including the liquidation sales of jewelry and timepieces, will continue to create a challenging sales environment for the Company and the jewelry industry.”