by eyetee | June 28, 2013 2:38 pm
Despite a decrease in net sales in fiscal 2013, Birks & Mayors is reporting improved financial results.
Net sales fell by $9.6 million year-over-year, the company says. However, $7.3 million of the decline is being attributed to lower sales due to the closure of 11 underperforming stores in 2013 and 2012. In addition, an extra week in fiscal 2012 resulted in a dip in sales of $4.4 million in 2013. Another $4.4 million drop in revenues is related to non-retail activities (i.e. corporate sales, refining activities, and Internet sales).
Birks & Mayors says the decreases are offset by comparable store sales growth of four per cent, comprising a seven per cent increase in Canada and a two per cent increase in the United States, which was due primarily to higher average sale transactions.
“Fiscal 2013 represented a year of transition for the company, as we made significant progress toward implementing key initiatives and strategies to improve our business and raise our profitability over the next few years,” said Jean-Christophe Bédos, Birks & Mayors’ president and chief executive officer (CEO).
“The impact of some of these initiatives can already be seen in the company’s success in growing comparable store sales and increasing net income despite a softer-than-anticipated market environment in Florida and Canada. As we start a new fiscal year, we plan to continue our strategy to grow sales and gross profit margin by delivering a total brand experience that consistently exceeds our clients’ expectations through higher-quality products, superior client service, and an improved luxury environment.”
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