Mayor’s Jewelers, Inc. reported that net sales grew 17.3 percent to $29.9 million for the second quarter, when compared to the same period in 2004. Same-store store sales for the period, ended Sept. 24, increased by 20.3 percent.
For the first half of the fiscal year, the Sunrise, Fla.-based luxury jewelry chain reported net sales increased 14.3 percent to $62.4 million, while comparable store sales for the same period grew 15.6 percent over the same period in 2004.
The company, which operates 28 luxury jewelry stores in Florida and Georgia, credits the increase in same-store sales to an increase in the average retail price per transaction and by a lower level of store closures as a result of hurricanes in the second quarter and first half of 2005 versus the same periods in 2004. In the second quarter of 2004, three hurricanes resulted in approximately 24 stores being closed approximately six business days compared to the second quarter of 2005, when two hurricanes resulted in approximately 14 stores being closed the equivalent of two business days. Comparable store sales, adjusted for the days stores were closed due to the hurricanes, increased by 14.4 percent for the quarter and 12.8 percent for the six months of the year.
Gross profit for the second fiscal quarter was $12.8 million or 42.8 percent of net sales, compared to $10.6 million or 41.6 percent of net sales during the same period in the prior year, the company reported. Gross profit was $27.2 million or 43.6 percent of net sales for the six-month of the fiscal year compared to $22.8 million or 41.7 percent of net sales for the six months. The company attributes the increase in gross margin to “the successful execution of merchandising and retail strategies and a focused inventory management program.”
Net company’s loss for the second quarter was approximately $1.8 million compared to a net loss of approximately $2.2 million for the second quarter of the previous year, a 19.2 percent improvement. Net loss for the six-month period was $2.5 million, a 47 percent improvement as compared to $4.7 million of net losses recorded for the same period in 2004.
“With the Holiday selling season approaching, we are pleased with the company’s performance through the first half of the fiscal year and the momentum that it has created,” said Thomas A. Andruskevich, chairman, president and CEO. “Encouraged by our improved results, we remain committed to the continued successful execution of our key strategies, including effective merchandising, marketing and retail initiatives.”