Mayor's Jewelers, Inc. Reports First Fiscal Quarter Results for 2005; Strong Improvement in Sales and Bottom Line Results Noted

Mayor's Jewelers, Inc. (the "Company" or "Mayor's")
(AMEX:MYR), which operates 28 luxury jewelry stores in Florida and
Georgia, reported results for its first fiscal quarter ended June 25,
2005, which were notably improved in comparison to the previous year's
first fiscal quarter results.
   Net sales increased 11.7% to $32.5 million for the first fiscal
quarter, which included the thirteen weeks ended June 25, 2005,
compared to $29.1 million for the prior year's first fiscal quarter,
which included the thirteen weeks ended June 26, 2004. Comparable
store sales for this year's first fiscal quarter increased 11.5% from
last year's first fiscal quarter. The increase in comparable store
sales was primarily driven by an increase in the Company's average
sale, an increase in high-end sales, and strong results from annual
marketing initiatives such as the spring catalog. Gross profit for the
current first fiscal quarter was $14.4 million or 44.3% of net sales,
compared to $12.2 million or 41.7% of net sales during the prior
year's first fiscal quarter. The increase in gross margin (gross
profit as a percentage of net sales) was due in substantial part to
the successful execution of merchandising and retail strategies.
   Net loss for the current first fiscal quarter decreased 72.1% to
($689,000) as compared to a net loss of approximately ($2.5) million
for the first fiscal quarter of the previous year. Loss per share for
the first fiscal quarter of the current year was ($0.03) as compared
to ($0.07) in the first fiscal quarter of the prior year.
   Commenting on the results, Thomas A. Andruskevich, Chairman,
President and Chief Executive Officer of the Company, said, "We are
extremely pleased with the Company's performance for the first fiscal
quarter. Mayor's momentum continues to be strong and these tangible
results demonstrate the successful execution of our key strategies,
including effective merchandising, marketing and retail initiatives,
as well as the optimization of organizational synergies and business
processes. We are optimistic about the state of our business based on
these results and will continue to pursue strategic programs that will
further strengthen our brand and our financial results."
   Mayor's is a leading luxury retail jeweler serving Florida and
Greater Atlanta. The Company was founded in 1910 and has maintained
the intimacy of a family-owned boutique while becoming renowned for
its fine jewelry, timepieces and giftware. 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 and 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 stockholder, the Company's ability to
attract and retain its key personnel and the Company's ability to
increase sales and keep costs low.
   Information concerning factors that could cause actual results to
differ materially are set forth in Mayor's 2004 Annual Report and in
Form 10-K, 10-K/A, 10-Q, 10-Q/A and 8-K Reports filed with the
Securities and Exchange Commission. The Company undertakes no
obligation to update or revise any forward-looking statements to
reflect subsequent events or circumstances.
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                MAYOR'S JEWELERS, INC. AND SUBSIDIARIES
           CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED
     (Amounts shown in thousands except share and per share data)

                                                   June 25,  March 26,
                                                     2005      2005
                                                   --------- ---------
ASSETS
Current Assets:
Cash and cash equivalents                            $1,436    $1,220
Accounts receivable (net of allowance for doubtful
 accounts of $878 and $962, at June 25, 2005 and 
 March 26, 2005, respectively)                        5,587     6,936
Inventories                                          84,120    80,439
Other current assets                                    596       632
                                                   --------- ---------
          Total current assets                       91,739    89,227
                                                   --------- ---------
Property, net                                        12,813    13,143
Other assets                                            234       416
                                                   --------- ---------
          Total non-current assets                   13,047    13,559
                                                   --------- ---------
          Total assets                             $104,786  $102,786
                                                   ========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable                                    $18,201   $13,139
Accrued expenses                                      5,183     6,786
Credit facility                                      34,151    33,501
                                                   --------- ---------
          Total current liabilities                  57,535    53,426
                                                   --------- ---------
Term loan                                            11,668    12,668
Other long term liabilities                           2,507     2,401
                                                   --------- ---------
           Total long term liabilities               14,175    15,069
                                                   --------- ---------
Stockholders' Equity:
Series A-1 convertible preferred stock, $.001 par
 value, 15,050 shares authorized, issued and 
 outstanding at June 25, 2005 and March 26, 2005, 
 liquidation value of $15,050,000                        --        --
Common stock, $.0001 par value, 50,000,000 shares
 authorized, 46,975,546 issued at June 25, 2005 
 and March 26, 2005                                       5         5
Additional paid-in capital                          206,574   207,100
Accumulated deficit                                (144,103) (143,414)
Less: 9,983,954 shares of treasury stock, at cost   (29,400)  (29,400)
                                                   --------- ---------
          Total stockholders' equity                 33,076    34,291
                                                   --------- ---------
          Total liabilities and stockholders'
           equity                                  $104,786  $102,786
                                                   ========= =========
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                MAYOR'S JEWELERS, INC. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
     (Amounts shown in thousands except share and per share data)

                                                Thirteen     Thirteen
                                              Weeks Ended  Weeks Ended
                                                June 25,     June 26,
                                                  2005         2004
                                              ------------ -----------

Net sales                                         $32,543     $29,138
Cost of sales                                      18,130      16,985
                                               ----------- -----------
Gross profit                                       14,413      12,153
                                               ----------- -----------
Selling, general and administrative                13,306      12,680
Other charges (credit)                                (79)         --
Depreciation and amortization                         784         833
                                               ----------- -----------
    Total operating expenses                       14,011      13,513
                                               ----------- -----------
Operating income (loss)                               402      (1,360)
Interest and other income                              --           3
Interest and other financial costs                 (1,091)     (1,115)
                                               ----------- -----------
Loss from operations before income taxes             (689)     (2,472)
Income tax                                             --          --
                                               ----------- -----------
Net loss                                             (689)     (2,472)
Preferred stock cumulative dividend                  (301)         --
                                               ----------- -----------
Net loss attributable to common stockholders        $(990)    $(2,472)
                                               =========== ===========
Weighted average shares outstanding, basic 
 and diluted                                   36,991,592  36,961,307

Loss per share, basic and diluted                  $(0.03)     $(0.07)
                                               =========== ===========
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