Birks & Mayors’ net sales increased 16.8 percent to $129.9 million at the midway point in fiscal year 2011. The company also reduced its net loss by $3.9 million.
“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,” said Tom Andruskevich, president and CEO of Birks & Mayors, in a statement. “We will continue to focus on generating increases in sales and gross profits throughout the holiday season in order to return the company to profitability.”
Andruskevich announced he is stepping down in the spring of 2012.
Other highlights from Birks & Mayors financial statement (ending Sept. 24):
- Comparable store sales: up 6 percent
- Gross profit: $57.6 million, compared to $47.5 million last year
- Gross profit margin: up 160 basis points
- The net loss: $5.6 million, down from $9.5 million
The company also generated $4.9 million in sales from a new store opening, a net of $1.5 million in sales when the closure of four stores was factored in.