Birks & Mayors (BMJ) Q1 Comps Grow 9%

Birks & Mayors Inc. (NYSE: BMJ) announced today that net sales during the 13 weeks ended June 29, 2013 were $70.1 million, representing an increase of $1.3 million, or 2%, compared to net sales of $68.8 million during the first quarter of fiscal 2013. Comparable store sales increased 9% during the first quarter (comparable store sales include stores open in both the current and prior period and are expressed at a constant exchange rate). The net increase in sales of $1.3 million was primarily driven by the 9% increase in comparable store sales, partially offset by the $2.1 million of lower sales associated with the closure of seven underperforming stores, $1.7 million of decreased revenues related to non-retail activities (corporate sales, refining activities and internet sales) and $0.6 million of lower sales related to translating the Company’s Canadian sales into U.S. dollars due to the weaker Canadian dollar. The comparable store sales increase reflects a 5% increase in sales from the stores in Canada while comparable store sales in the U.S. increased by 15%.

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