Jeweler Birks & Mayors reports sales, earnings slide
Montreal As further evidence of the hit jewelry retailers are taking during the downturn, Birks & Mayors reported late Monday that its fourth-quarter and fiscal year-end results were down from the year-ago periods.
The company, which operates 69 luxury jewelry stores across Canada, Florida and Georgia, recorded a net loss of $61 million for the year, compared with net income of $10.4 million in the prior-year period.
Other year-end results included a net sales decrease of 13.9% to $270.9 million and a 14% drop in comp-store sales.
In the fourth quarter, the retailer recorded a net loss of $14.4 million, compared with net income of $3.2 million. Net sales decreased 23.3% to $49.2 million from the prior-year period, and comp-store sales decreased 16% compared with the prior-year period.
Tom Andruskevich, president and CEO, said: “Our fiscal year performance was severely impacted by the economic downturn, banking crisis and significant drop in consumer confidence. As consumer confidence declined, we experienced declines in store traffic and average retail sales which resulted in lower sales.”
He added that while the company initiated cost reductions, it was not able to fully offset the significant declines in sales and margin during the holiday selling season, which negatively impacted profitability.
Birks & Mayors operates 37 stores (Birks Brand) across most major metropolitan markets in Canada and 30 stores (Mayors Brand) across Florida and Georgia, as well as two retail locations in Calgary and Vancouver under the Brinkhaus brand.
Office Depot, Tony Stewart encourage fans to ‘show their 14’
Boca Raton, Fla. Office Depot has teamed up with NASCAR champion Tony Stewart for the new Office Depot “Show Us Your 14” online photo contest.
Now through August 31, fans can go to OfficeDepotRacing.com and upload photos demonstrating their support for Stewart and the No. 14 Office Depot/Old Spice team.
The Grand Prize package includes an HP TouchSmart Desktop Computer, HP Mini Notebook computer, HP Photosmart Premium Fax All-in-One Printer, HP printer/photo ink packs and HP Premium Plus Photo Paper. Plus, everyone who enters the “Show Us Your 14” online photo contest will receive an Office Depot coupon for 14% off their next qualifying purchase.
“It’s great to have so many loyal fans supporting me and the No. 14 Office Depot/Old Spice team every weekend,” said Stewart, who has taken on the role of driver/team owner with Stewart-Haas Racing in 2009 and is judging the contest. “NASCAR fans are the most passionate fans in all of sports, and I can’t wait to see all the creative ways people incorporate the number 14 into their lives. I think I’m going to see some very imaginative stuff!”
In addition to the Grand Prize winner, a first prize and second prize winner will receive a terrific HP prize package including a selection of notebook computers, All-in-One printers, photo ink and a host of other HP products.
New stores set to open this month
It promises to be a busy month for Target, as the company is scheduled to open a total of 25 stores on July 22, including five units in Pennsylvania and three in New York. The Pennsylvania stores are located in Allentown, Philadelphia, Reading, Easton and Pottstown. In New York, two stores are slated to open in Rochester with the third store located in The Bronx. Three other states will receive two stores apiece including Texas, Florida, California and West Virginia. States with one new store opening include Michigan, Wisconsin, Hawaii, Connecticut, Virginia, Iowa, New Hampshire, Louisiana, and Nevada. Target typically opens stores in three groups throughout the year, generally in March, July and October. This year’s group of March openings consisted of 27 stores. In October, another 25 stores are scheduled to open.