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Birks and Mayors holiday sales down 26 percent

January 13, 2009

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Montreal--Same-store sales at Birks and Mayors decreased 26 percent for the 2008 holiday selling season (Nov. 2-Dec. 27), compared with the similar period last year (Nov. 4-Dec. 29, 2007), the company announced on Monday.

Same-store sales for the company include stores open in the same period in both the current and prior year and at constant exchange rates. They include a 31 percent decrease in U.S. sales and a 19 percent decrease in Canadian sales.

Net sales for the period decreased 31 percent to $66 million, compared with net sales of $95.9 million for the 2007 holiday selling season.

According to the company, the lowest level of consumer confidence on record and the resulting decrease in discretionary consumer spending led to a significant reduction in store traffic and average transaction value in both the United States and Canada.

In addition, $7.7 million of the net sales decrease is related to translating the sales of the company's Canadian operations into U.S. dollars with a relatively weaker Canadian dollar.

"This year's holiday season has proven to be extremely difficult given the challenging retail environment, especially for the luxury and jewelry sectors," Birks and Mayors President and Chief Executive Officer Thomas A. Andruskevich said in a media release. "While we are disappointed with the magnitude of our sales decrease, we will continue to manage our business in a manner that achieves increased organizational and asset efficiency, and deploy more innovative retail, marketing and merchandising techniques, with the goal of maximizing market share opportunities during this challenging economic cycle."

Birks and Mayors operates 37 stores (Birks Brand) across most major metropolitan markets in Canada, and 31 stores (Mayors Brand) across Florida and Georgia, as well as two retail locations in Calgary and Vancouver under the Brinkhaus brand. For more information about the company, visit its Web site, BirksandMayors.com.
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