Mayor’s reports strong gross sales and profits, lowers net loss

Net sales for Mayor’s Jewelers, Inc., which operates 28 luxury jewelry stores in Florida and Georgia, were $29.1 million for the thirteen weeks ended June 26, compared to $24.5 for the same period in 2003, an 18.9% increase. Comparable store sales rose 18.5% from last year’s first quarter. Gross profit for the first quarter was $12.2 million or 41.7% of sales, compared to $9.9 million or 40.4% of sales during the previous year’s first quarter.

Net loss for the first quarter fell 39% to $2.3 million when compared to the 2003 first quarter loss of $3.8 million, Mayor’s said in a statement.

The increase in gross profit and gross margin (gross profit as a percentage of sales) is primarily due to the continued successful execution of merchandising strategies that were implemented the previous year, the company said.

“We are very pleased with the company’s performance for the first fiscal quarter,” said Thomas A. Andruskevich, chairman, president and CEO of Mayor’s. “Mayor’s momentum is strong and these tangible results continue to demonstrate the effectiveness of our initiatives, including key merchandise and retail strategies, organizational structure and business processes. We are optimistic about future growth and profitability as we continue to focus on our vision to become the leading luxury jeweler in the Southeastern United States.”