Mayor’s Jewelers, Inc., Sunrise, Fla., reported a net sales increase 11.7% to $32.5 million for the first quarter, compared to $29.1 million for the company’s prior year’s first quarter. Same-store sales for this year’s first fiscal quarter rose 11.5%, when compared to the previous first quarter.
The company said in the increase in same-store sales was primarily driven by higher average sales, a rise in high-end sales, and strong results from annual marketing initiatives such as the spring catalog.
Gross profit for the 13-week period that ended June 25 was $14.4 million or 44.3% of net sales, compared to $12.2 million or 41.7% of net sales during the previous 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.
Net loss for the current first fiscal quarter decreased 72.1% to ($689,000) as compared to a net loss of approximately ($2.5) million for the first fiscal quarter of 2004.
“Mayor’s momentum continues to be strong and these tangible results demonstrate the successful execution of our key strategies, including effective merchandising, marketing and retail initiatives, as well as the optimization of organizational synergies and business processes,” Thomas A. Andruskevich, Mayor’s chairman, president, and CEO. “We are optimistic about the state of our business based on these results and will continue to pursue strategic programs that will further strengthen our brand and our financial results.”
Mayor’s operates 28 luxury jewelry stores in Florida and Georgia.