Birks & Mayors Reports 390% Rise in Profits

July 12, 2006

Birks & Mayors Reports 390% Rise in Profits

Birks & Mayors, the jewelry retail chain based in Montreal, Quebec, Canada, this week reported a 14.6% increase in net sales and a 389.5% increase in net income for its fiscal year 2005.

The company credits its ability to build a strong luxury brand and its distinctive offerings for the annual outstanding profits, which were $4.5 million compared to $1.2 million in the company's 2004 fiscal year. Birks & Mayors also completed its acquisition of Mayor's Jewelers in November 2005, which President and CEO Thomas Andruskevich says "positions our company for sustained growth."

The chain also announced it has signed leases to open two new Mayors stores, one in Bonita Springs, Fla., before the 2006 holiday season, and the other in Weston, Fla., in spring 2007.

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