Mayor’s road to recovery continues

Mayor’s Jewelers, Inc. reported a 15% increase in net sales for the fourth quarter and a 14% net sales increase for the fiscal year.

Net sales rose to $30.9 million for the quarter, which ended March 26, compared to $26.8 million for the previous fourth quarter. Net sales totaled $142.7 million compared to $125.5 million for the previous fiscal year.

Same-store net sales rose 9% for the fourth quarter and 12% for the year.

Gross profit increased 17% to $13.4 million, or 43.4% of sales, for the fourth quarter compared with $11.4 million, or 42.5% of sales, for the previous fourth quarter. Gross profit also increased 17% for to $61.0 million for the year, 42.7% of sales, compared to $52.1 million, or 41.5% of sales, for the previous year.

The Sunrise, Fla.-based company said it attributes the increases in part to an improved merchandise mix resulting from the introduction of more exclusive designs with healthier margins, including many manufactured by its major shareholder, Henry Birks & Sons Inc.; the addition of signature designers; and a strengthened creative team combined with an improved product development process.

Earnings before interest expense and other financial costs, interest income, taxes, depreciation and amortization (“EBITDA”) were approximately $8.6 million for the year, versus a loss of $149,000 in the previous year, an improvement in EBITDA of $8.7 million. The company recorded net income of $782,000 for the year, versus a loss of $7.8 for the previous year.