Fiscal sales drop by 14% for Birks & Mayors

There was a 14 percent drop in the fiscal sales for Birks & Mayors. The sales amounted to $270.9 million in the year ending on March 28, 2009. Same-store sales also saw a 14 percent drop, while net loss valued at $61 million. In the previous fiscal the company saw a profits worth $10.4 million. During the last quarter of the fiscal, sales dipped by 23 percent to $49.2 million, and net loss in the three months amounted to $14.4 million.

The fiscal year gross profit valued at 42.7 percent of its net sales, which was lowered by 46.5 percent one year ago. The company reported a total inventory worth $155.6 million at the end of the fiscal year, as compared to $181.9 million worth of inventory in the previous fiscal. It also saw its bank indebtedness decreasing $34.4 million due to it replacing part of its line of credit with long-term notes.

The company attributes the lowered performance to the global economic slowdown, lack of bank support and the sluggish consumer buying behaviour.