Birks & Mayors (BMJ) Says Q1 Sales Fell 3%; Comps Up 3%
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Birks & Mayors Inc. (AMEX: BMJ) announces that net sales during the 13 weeks ended June 30, 2012 were $68.8 million, representing a decrease of $2.4 million, or 3%, compared to net sales of $71.2 million during the first quarter of fiscal 2012. Comparable store sales increased 3% during the same period (comparable store sales include stores open in the same period in both the current and prior year and are expressed at a constant exchange rate). The net decrease in sales of $2.4 million was primarily driven by operating ten less stores than in the prior year period (seven retail stores and three temporary retail outlet stores) and $1.7 million of lower sales related to translating the Company’s Canadian sales into U.S. dollars due to the weaker Canadian dollar, partially offset by the 3% increase in comparable store sales. The comparable store sales increase reflects a 7% increase in sales from the stores in Canada while comparable store sales in the U.S. decreased by 2%.
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