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.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"