Mayor's Jewelers, Inc. Reports Fourth Quarter and Annual Results; Company Reports Strong Increases in Sales and Bottom Line Resu

   Turnaround Ahead of Schedule as Company Achieves Fiscal Year-End
                Net Income for First Time in Four Years

   Mayor's Jewelers, Inc. (the "Company" or "Mayor's") (AMEX:MYR),
which operates 28 luxury jewelry stores in Florida and Georgia,
reported results for the fourth fiscal quarter and the fiscal year
ended March 26, 2005 ("Fiscal Year 2004"), including net sales
increases of 15% and 14%, respectively, and improvement in bottom line
results as compared to the similar periods in the prior year.
   Net sales increased 15% to $30.9 million for the fourth quarter of
Fiscal Year 2004, which included the thirteen weeks ended March 26,
2005, compared to $26.8 million for the fourth quarter of the fiscal
year ended March 27, 2004 ("Fiscal Year 2003"), which included the
thirteen weeks ended March 27, 2004. Net sales for Fiscal Year 2004,
increased 14% to $142.7 million compared to $125.5 million for Fiscal
Year 2003.
   Comparable store net sales increased 9% for the fourth quarter of
Fiscal Year 2004, compared to the fourth quarter of Fiscal Year 2003.
Comparable store net sales for Fiscal Year 2004 increased 12% as
compared to Fiscal Year 2003.
   Gross profit increased 17% to $13.4 million, or 43.4% of sales,
for the fourth quarter of Fiscal Year 2004, compared to $11.4 million,
or 42.5% of sales, for the fourth quarter of Fiscal Year 2003. Gross
profit also increased 17% for Fiscal Year 2004 to $61.0 million, or
42.7% of sales, compared to $52.1 million, or 41.5% of sales, for
Fiscal Year 2003.
   The increases in net sales and gross profit for the fourth fiscal
quarter and the Fiscal Year 2004 were due to the effective execution
of the Company's strategic plan and in particular, a program of
merchandising, marketing and retail initiatives that were extremely
effective and successful.
   The Company attributes this success in part to improved
merchandise mix resulting from the introduction of more exclusive
designs with healthier margins, including many manufactured by its
major shareholder, Henry Birks & Sons Inc. ("Birks"); the addition of
signature designers; and a strengthened creative team combined with an
improved product development process. Mayor's continued to leverage
synergies with Birks and also executed a focused inventory management
plan that delivered higher than expected results, thus improving the
Company's bottom line.
   Earnings before interest expense and other financial costs,
interest income, taxes, depreciation and amortization ("EBITDA") were
approximately $8.6 million in Fiscal Year 2004 versus a loss of
($149,000) in Fiscal Year 2003, an improvement in EBITDA of $8.7
million. The improvement was a result of Mayor's strong sales increase
and the added contribution in gross profit as previously discussed
offset by a slight increase in operating expenses, which as a percent
of sales decreased to 39.0% from 44.3%. The Company recorded net
income of $782,000 for Fiscal Year 2004 versus a loss of ($7.8)
million for Fiscal Year 2003.
   Net loss was ($0.8) million, or ($0.02) per share, for the fourth
fiscal quarter of Fiscal Year 2004, which represents a 74% decrease in
the net loss from the prior year fourth fiscal quarter of ($2.9)
million, or ($0.09) per share.
   The following chart reconciles the Company's net income (loss) to
EBITDA:
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                                           (In thousands)
                                Fiscal Year 2004     Fiscal  Year 2003
                                ----------------     -----------------
Net income (loss)                         $782             $(7,824)
Interest expense and other
 financial costs                         4,501               4,427
Interest income                             --                (110)
Depreciation and amortization            3,289               3,358
                                ---------------   -----------------
  EBITDA                                $8,572               $(149)
                                ===============   =================
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   Commenting on the results, Thomas A. Andruskevich, Chairman,
President and Chief Executive Officer, said, "We are extremely pleased
with the progress we've made in fiscal year 2004 and that Mayor's was
able to generate net income of $782,000, which moved Mayor's into a
positive net income position for the first time in four years. This is
a significant milestone in Mayor's improving financial picture and is
especially gratifying given that our turnaround is ahead of schedule.
With this solid foundation in place, our very capable and dedicated
management team will lead the focused execution of our strategic plan
in an effort to further increase shareholder value."
   Mr. Andruskevich continued, "The investment made by Birks in
August 2002, their leadership and support helped transform Mayor's net
losses in Fiscal Years 2001, 2002 and 2003 of ($83.9), ($26.9) million
and ($7.8) million, respectively, into the black this year. These
results demonstrate that the synergies between Birks and Mayor's
generated improved product offerings, strategies and consumer
messaging that continue to be extremely effective."
   Mayor's is a leading luxury retail jewelry brand serving Florida
and Greater Atlanta. Mayor's was founded in 1910 and has maintained
the intimacy of a family-owned boutique while becoming renowned for
its fine jewelry, timepieces, giftware and service. Mayor's currently
operates 28 stores; 23 in Florida, 5 in Georgia. Additional
information can be found on Mayor's web site, http://www.mayors.com.

   This press release contains certain "forward-looking" statements
concerning expectations for sales, margins, earnings (loss), financing
needs or plans, success of the Company's merchandising marketing and
retail initiatives, and continued growth. Actual results might differ
materially from those projected in the forward-looking statements
based on risk factors, including the success of the Company's
marketing initiatives, the Company's ability to have a successful
customer service program, the successful resolution of the informal
investigation by the Securities and Exchange Commission previously
disclosed by the Company, the successful completion of the proposed
transaction between the Company and Henry Birks & Sons Inc., the
Company's controlling shareholder, the Company's ability to attract
and retain its key personnel and the Company's ability to increase
sales and keep costs low. Additional information concerning factors
that could cause actual results to differ materially are set forth in
Mayor's 2003 Annual Report and in Form 10-K/A, 10-Q and 8-K Reports
filed with the Securities and Exchange Commission. Mayor's undertakes
no obligation to update or revise any forward-looking statements to
reflect subsequent events or circumstances.

   Information about the Proposed Merger and Where to Find It

   In connection with the previously disclosed proposed merger
between Mayor's and Birks, Mayor's and Birks will file a Registration
Statement on Form F-4, a joint proxy statement/prospectus and other
related documents with the SEC. Stockholders of Birks and Mayor's are
advised to read these documents when they become available because
they will contain important information. Stockholders of the companies
may obtain copies of these documents for free, when available, at the
SEC's website at http://www.sec.gov. These and such other documents
may also be obtained for free from Birks at 1240 Square Phillips,
Montreal, Quebec, Canada, H3B 3H4, Tel: [phone] and from
Mayor's at 14051 N.W. 14th Street, Suite 200, Sunrise, Florida 33323,
Tel: [phone] or on its website, http://www.mayors.com.
   Mayor's and Birks and their respective directors, executive
officers and other members of their management and employees may be
deemed to be participants in the solicitation of proxies from Mayor's
stockholders in connection with the proposed merger. Information
regarding the special interests of these directors and executive
officers in the transaction previously disclosed will be included in
the joint proxy statement/prospectus described above. Additional
information regarding Mayor's directors and executive officers is also
included in its proxy statement for its 2004 Annual Meeting of
Stockholders, which was filed with the SEC on or about June 28, 2004
and is available free of charge at the SEC's website at
http://www.sec.gov or by contacting Mayor's at the address or
telephone number set forth above.
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                MAYOR'S JEWELERS, INC. AND SUBSIDIARIES
      CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - UNAUDITED
     (Amounts shown in thousands except share and per share data)

                                        Thirteen Weeks  Thirteen Weeks
                                            Ended           Ended
                                           March 26,       March 27,
                                             2005            2004
                                         -------------- --------------

Net sales                                      $30,851        $26,830
Cost of sales                                   17,470         15,424
                                         -------------- --------------
Gross profit                                    13,381         11,406
                                         -------------- --------------
Selling, general and administrative
 expenses (including non-cash
 compensation expense, net of $145 and
 $137 for the thirteen weeks ended 
 March 25, 2005 and March 27, 2004,
 respectively)                                  12,214         12,607
Depreciation and amortization                      797            833
                                         -------------- --------------
    Total operating expenses                    13,011         13,440
                                         -------------- --------------
Operating income (loss)                            370         (2,034)
Interest and other income                           --             80
Interest and other financial costs              (1,133)          (971)
                                         -------------- --------------
Net loss                                          (763)        (2,925)
Preferred stock cumulative dividend               (134)          (244)
                                         -------------- --------------
Net loss attributable to common
 stockholders                                    $(897)       $(3,169)
                                         ============== ==============

Weighted average shares outstanding,
 basic and diluted                          36,989,262     36,961,307

Loss per share, basic and diluted               $(0.02)        $(0.09)
                                         ============== ==============
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                MAYOR'S JEWELERS, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF OPERATIONS
     (Amounts shown in thousands except share and per share data)

                                             Fiscal Year  Fiscal Year
                                                Ended        Ended
                                               March 26,    March 27,
                                                 2005         2004
                                              -----------  -----------

Net sales                                        $142,710    $125,487
Cost of sales                                      81,715      73,427
                                               ----------- -----------
Gross profit                                       60,995      52,060
                                               ----------- -----------
Selling, general and administrative expenses
 (including non-cash compensation expense, net 
  of $103 and $1,067 for Fiscal 2004 and 
  Fiscal 2003, respectively)                       52,423      52,283
Depreciation and amortization                       3,289       3,358
                                               ----------- -----------
    Total operating expenses                       55,712      55,641
                                               ----------- -----------
Operating income (loss)                             5,283      (3,581)
Interest and other income                              --         184
Interest and other financial costs                 (4,501)     (4,427)
                                               ----------- -----------
Net income (loss)                                     782      (7,824)
Preferred stock cumulative dividend                  (134)     (1,316)
                                               ----------- -----------
Net income (loss) attributable to common
 stockholders                                        $648     $(9,140)
                                               =========== ===========

Weighted average shares outstanding:
  Basic                                        36,968,296  26,377,886
  Diluted                                      93,177,445  26,377,886

Income (loss) per share:
  Basic                                             $0.02      $(0.35)
                                               =========== ===========
  Diluted                                           $0.01      $(0.35)
                                               =========== ===========
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SUPPLEMENTAL INFORMATION:
Reconciliation of Diluted Income Per Share - Year 
Ended March 26, 2005:

Income (Numerator):
-------------------
Net income                                                   $782,000
                                                           ===========
Weighted Average Shares (Denominator):
--------------------------------------
Basic                                                      36,968,296
Diluted Options                                             1,572,988
Diluted Preferred Shares                                   51,499,525
Diluted Warrants                                            3,136,636
                                                           -----------
                                                           93,177,445
                                                           ===========

Diluted Earnings Per Share:                                $     0.0l
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                MAYOR'S JEWELERS, INC. AND SUBSIDIARIES
                      CONSOLIDATED BALANCE SHEETS
     (Amounts shown in thousands except share and per share data)

                                                  March 26,  March 27,
                                                    2005       2004
                                                  ---------  ---------
ASSETS
Current Assets:
Cash and cash equivalents                            $1,220    $1,448
Accounts receivable (net of allowance for doubtful
 accounts of $962 and $999, at March 26, 2005 and
 March 27, 2004, respectively)                        6,936     6,446
Inventories                                          80,439    80,825
Other current assets                                    632     1,194
                                                   --------- ---------
          Total current assets                       89,227    89,913
                                                   --------- ---------
Property, net                                        13,143    14,634
Other assets                                            416       668
                                                   --------- ---------
          Total non-current assets                   13,559    15,302
                                                   --------- ---------
          Total assets                             $102,786  $105,215
                                                   ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable                                    $13,045   $13,833
Accrued expenses                                      6,786     9,457
Credit facility                                      33,501    33,005
                                                   --------- ---------
          Total current liabilities                  53,332    56,295
                                                   --------- ---------
Term loan                                            12,668    12,668
Other long term liabilities                           2,401     2,768
                                                   --------- ---------
          Total long term liabilities                15,069    15,436
                                                   --------- ---------

Stockholders' Equity:
Series A-1 convertible preferred stock, $.001 par
 value, 15,050 authorized, issued and outstanding 
 at March 26, 2005 and March 27, 2004, liquidation 
 value of $15,050,000                                    --        --
Common stock, $.0001 par value, 50,000,000 shares
 authorized, 46,975,546 and 46,945,261 shares
 issued, at March 26, 2005 and March 27, 2004, 
 respectively                                             5         5
Additional paid-in capital                          207,100   206,981
Accumulated deficit                                (143,320) (144,102)
Less: 9,983,954 shares of treasury stock, at cost   (29,400)  (29,400)
                                                   --------- ---------
          Total stockholders' equity                 34,385    33,484
                                                   --------- ---------
          Total liabilities and stockholders'
           equity                                  $102,786  $105,215
                                                   ========= =========
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