by eyetee | July 10, 2013 8:41 pm
Birks & Mayors says its comparable store sales are up nine per cent in the first quarter.
Net sales during the first 13 weeks—which ended June 29—totaled $70.1 million, a two per cent (or $1.3 million) increase compared to net sales of $68.8 million in the same period last year.
This increase was primarily driven by comparable store sales and partially offset by a $2.1-million decrease in sales resulting from the closure of seven underperforming stores, a $1.7-million dip in revenues related to non-retail activities (i.e. corporate sales, refining activities, and Internet sales), and a $600,000 drop related to converting Canadian sales into U.S. dollars due to the weaker Canadian dollar.
The comparable store sales increase reflects a five per cent increase in sales from stores in Canada, while comparable store sales in the United States grew by 15 per cent.
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