By  on March 3, 2009

A pullback in luxury spending collided with an impairment charge and damaging foreign currency fluctuation to throw Birks & Mayors Inc. for a third-quarter loss.

For the three months ended Dec. 27, the Montreal-based jeweler posted a net loss of $42.7 million, or $3.76 a diluted share, compared with net income of $12.7 million, or $1.09 a share, in the year-ago quarter. Excluding the impact of a goodwill impairment charge and deferred tax asset valuation allowance, net income slipped 77.7 percent to $2.8 million, or 25 cents a share. Revenue slid 28.2 percent to $88.1 million from $122.6 million, and comparable-store sales decreased 23 percent.

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