Birks and Mayors 3Q sales drop 23 percent

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Birks and Mayors 3Q sales drop 23 percent

February 24, 2009

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Montreal--Same-store sales decreased 23 percent at Birks and Mayors Inc. for the 13-week third quarter ended Dec. 27, 2008, and net sales decreased 28.2 percent to $88.1 million compared with $122.6 million for the same period in fiscal 2008, the company announced on Monday.

Net sales include $9.3 million of lower sales related to translating Canadian sales into U.S. dollars.

"The entire luxury retail sector was dramatically affected by the abrupt and severe nature of the economic downturn, banking crisis and unprecedented drop in consumer confidence during the quarter ending Dec. 27, 2008," Birks and Mayors President and Chief Executive Officer Tom Andruskevich said in a media release. "As a result, our company experienced significant decreases in store traffic, average sale, net sales and operating profits."

Andruskevich further stated that because the company expects the challenging environment to continue well into 2009, it will plan and manage its business very conservatively, continuing to support key product brands, maintaining strong client relationships, improving inventory productivity and reducing operating expenses and capital expenditures, all with a focus on optimizing cash flow.

For the 39 weeks ended Dec. 27, 2008, same-store sales decreased 14 percent, which follows a 1 percent decrease in the prior-year period, while net sales decreased 11.5 percent to $221.7 million compared with $250.5 million for the same period in fiscal 2008.

Net sales includes $6.2 million of lower sales related to translating Canadian sales into U.S. dollars.

Founded in 1879, Birks and Mayors operates 37 luxury jewelry stores under the Birks brand across most major metropolitan markets in Canada and 30 luxury jewelry stores under the Mayors brand across Florida and Georgia, as well as two retail locations in Calgary and Vancouver under the Brinkhaus brand.

For more information, visit Birks and Mayors Web site, BirksandMayors.com.

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