Birks & Mayors Holiday Sales Fall 31%

Birks & Mayors Inc. group holiday season comparable store sales decreased 26 percent, the company said Monday. The results are comprised of a 31 percent decrease in the U.S. and a 19 percent decrease in Canada.

Birks holiday season comparable store sales decreased 19% in Canada

For the November 2 - December 27 period, holiday season sales decreased 31 percent to $66 million compared to net sales of $95.9 million during the 2007 holiday season.

The retailer added that as a result of the decrease in discretionary consumer spending, store traffic and average transaction value in both the U.S. and Canada were significantly reduced.

In addition, $7.7 million of the decrease in net sales is related to a relatively weaker Canadian dollar compared to the U.S. dollar.

“This year’s holiday season has proven to be extremely difficult given the challenging retail environment, especially for the luxury and jewelry sectors,” according to Thomas A. Andruskevich, president and chief executive officer.

“While we are disappointed with the magnitude of our sales decrease,” Andruskevich added, “we will continue to manage our business …with the goal of maximizing market share opportunities during this challenging economic cycle.”