Birks and Mayors Sales Fall 14%, Ends Year with $61 Million Loss

North American luxury jeweler Birks and Mayors Inc. reported a 13.9 percent decline in annual net sales to $270.9 million, leading to a net loss of $61 million compared to a $10.4 million profit in the prior year.

The drop in sales, an outcome of the a number of factors, including a $11.7 million loss resulting from changes in the U.S. / Canadian exchange rate, was most pronounced in the fourth quarter, when sales dropped 23.3 percent to $49.2 million.

Annual comparable store sales were down 14 percent compared to the prior year, while in the fourth quarter comparable store sales decreased 16 percent.

Bank indebtedness decreased $34.4 million compared to last fiscal year end.

The retailer’s inventory totaled $155.6 million at March 28, 2009, as compared to $181.9 million at March 29, 2008, a 14.5 percent decrease.