Mayors Sale Saves Birks from Loss

RAPAPORT... Birks Group's profit more than doubled in the past fiscalyear after the Canadian retailer sold subsidiary Mayors Jewelers. Profit grew to $11.7 million for the 12 months ending March31 from $4.9 million a year ago, the jeweler reported Tuesday. The company offloadedMayors to UK-based Aurum Holdings for $106.8 million in October, boosting its profit figure by $29.9million. Excluding that deal, Birks recorded a loss of $16.8 million. "Our fiscal 2018 results are reflective of the majortransformative changes undertaken by the company during the fiscal year, mostnotably the sale of Mayors, which enabled us to substantially reduce our debtand strengthen our balance sheet," Birks CEO Jean-Christophe B?(C)dos saidWednesday. "This allowed us to better position the company for long-term growthand the creation of shareholder value." Group revenue fell 2% to $114.4 million for the year, mainlydue to weakening consumer demand, particularly during the holiday period.Renovations at two of the retailer's three flagship stores also resulted in atemporary sales decline, it explained. Birks operates 27 stores under its own brand across Canada.It also runs two Brinkhaus stores in Vancouver and Calgary, and one Rolex storein Orlando, Florida. Image: DIIu