Mayor’s reports an $8.4 million first-quarter loss

Mayor’s Jeweler’s reported a first-quarter net loss of $8.4 million, compared with a net loss of $7.4 million for the first-quarter of the previous year.

Also for the quarter, which ended May 4, the company reported a net sales decline of 21.7% to $28.4 million, when compared with the same result for the previous year. Comparable store sales for the first-quarter fell 26.3%.

Mayor’s says the decrease in sales is primarily due to merchandising and marketing issues related to the company’s significant reduction in available capital coupled with the continued slowdown of the economy.