Mayor's Jewelers, Inc. Reports Second Quarter and Six Month Results for Fiscal 2005, Highlighted by Continued Sales Growth, Marg

Mayor's Jewelers, Inc. (the "Company" or "Mayor's")
(AMEX:MYR), which operates 28 luxury jewelry stores in Florida and
Georgia, reported double digit sales growth and improved overall
performance during the second fiscal quarter and the six months ended
September 24, 2005, as compared with the previous year.
   Net sales grew 17.3% to $29.9 million for the second fiscal
quarter ended September 24, 2005 as compared to the second quarter of
2004, which ended September 25, 2004. Comparable store sales during
the quarter increased by 20.3%. Net sales increased 14.3% to $62.4
million for the six-month period ended September 24, 2005, while
comparable store sales for the same period grew 15.6% over the same
period in 2004. The increase in comparable store sales for both the
quarter and year-to-date was driven primarily by an increase in the
average retail price per transaction and by a lower level of store
closures as a result of hurricanes in the second quarter and first
half of 2005 versus the same periods in 2004. In the second quarter of
2004, three hurricanes resulted in approximately 24 stores being
closed approximately six business days compared to the second quarter
of 2005, when two hurricanes resulted in approximately 14 stores being
closed the equivalent of two business days. Comparable store sales,
adjusted for the days stores were closed due to the hurricanes,
increased by 14.4% for the three months ended September 24, 2005, and
12.8% for the six months ended September 24, 2005 as compared to the
similar period last year. Included in net sales for the second quarter
and six months ended September 25, 2004, but excluded from comparable
store sales, were certain special non-store sales to third parties.
   Gross profit for the current second fiscal quarter was $12.8
million or 42.8% of net sales, compared to $10.6 million or 41.6% of
net sales during the prior year's second fiscal quarter. Gross profit
was $27.2 million or 43.6% of net sales for the six-month period ended
September 24, 2005 compared to $22.8 million or 41.7% of net sales for
the six months ended September 25, 2004. The increase in gross margin
(gross profit as a percentage of net sales) for both the second
quarter and first half of the current fiscal year was substantially
due to the successful execution of merchandising and retail strategies
and a focused inventory management program.
   Operating expenses for the second fiscal quarter increased $1.8
million from the second fiscal quarter of 2004 and increased $2.2
million for the six months ended September 24, 2005 from the six
months ended September 25, 2004. The increase in operating expenses
reflected a higher level of variable costs associated with the
increase in sales, higher levels of marketing costs, increased
occupancy costs and expenses incurred in 2005 associated with Mayor's
potential business combination with Henry Birks & Sons Inc. Also
impacting the level of year over year increase in operating expense
was a reduction in operating expenses in the second quarter of 2004
associated with the settlement of a sales tax audit for less than the
amount accrued.
   Net loss for the second fiscal quarter was approximately $1.8
million compared to a net loss of approximately $2.2 million for the
second fiscal quarter of the previous year, a 19.2% improvement. Loss
per diluted share for the second fiscal quarter of the current year
was $0.06, unchanged from the second fiscal quarter of the prior year.
Net loss for the six-month period ended September 24, 2005, was $2.5
million, a 47.0% improvement as compared to $4.7 million of net losses
recorded for the six-month period ended September 25, 2004. Loss per
diluted share for the six months ended September 24, 2005 was $0.08
per diluted share, compared to a loss per diluted share of $0.13 for
the six-month period ended September 25, 2004.
   Thomas A. Andruskevich, Chairman, President and Chief Executive
Officer of the Company, commented, "With the Holiday selling season
approaching, we are pleased with the Company's performance through the
first half of the fiscal year and the momentum that it has created.
Encouraged by our improved results, we remain committed to the
continued successful execution of our key strategies, including
effective merchandising, marketing and retail initiatives."

   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, 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
            UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
           (In thousands except share and per share amounts)

                                                September     March   
                                                24, 2005    26, 2005
                                               ----------- -----------
ASSETS
Current Assets:
Cash and cash equivalents                      $    1,468  $    1,220
Accounts receivable (net of allowance for
 doubtful accounts of $773 and $962, at
 September 24, 2005 and March 26, 2005,
 respectively)                                      5,313       6,936
Inventories                                        88,835      80,439
Other current assets                                  863         632
                                               ----------- -----------
    Total current assets                           96,479      89,227
                                               ----------- -----------
Property, net                                      12,681      13,143
Other assets                                          375         416
                                               ----------- -----------
    Total non-current assets                       13,056      13,559
                                               ----------- -----------
    Total assets                               $  109,535  $  102,786
                                               =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable                               $   16,219  $   13,139
Accrued expenses                                    5,212       6,786
Credit facility                                    43,182      33,501
Term loan                                          11,668          --
                                               ----------- -----------
    Total current liabilities                      76,281      53,426
                                               ----------- -----------
Term loan                                              --      12,668
Other long-term liabilities                         2,338       2,401
                                               ----------- -----------
    Total long-term liabilities                     2,338      15,069
                                               ----------- -----------
Stockholders' Equity:
Series A-1 convertible preferred stock, $.001
 par value, 15,050 shares authorized, issued
 and outstanding at September 24, 2005 and
 March 26, 2005, liquidation value of
 $15,050,000                                           --          --
Common stock, $.0001 par value, 50,000,000
 shares authorized, 47,009,363 and 46,975,546
 issued at September 24, 2005 and March 26,
 2005, respectively                                     5           5
Additional paid-in capital                        206,213     207,100
Accumulated deficit                              (145,902)   (143,414)
Less: 9,983,954 shares of treasury stock, at
 cost                                             (29,400)    (29,400)
                                               ----------- -----------
    Total stockholders' equity                     30,916      34,291
                                               ----------- -----------
    Total liabilities and stockholders' equity $  109,535  $  102,786
                                               =========== ===========



                MAYOR'S JEWELERS, INC. AND SUBSIDIARIES
       UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
           (In thousands except share and per share amounts)

                         Three Months Ended       Six Months Ended
                       ----------------------- -----------------------
                        September   September   September   September
                        24, 2005    25, 2004    24, 2005    25, 2004
                       ----------- ----------- ----------- -----------

Net sales              $   29,890  $   25,483  $   62,434  $   54,622
Cost of sales              17,083      14,881      35,214      31,867
                       ----------- ----------- ----------- -----------
Gross profit               12,807      10,602      27,220      22,755
                       ----------- ----------- ----------- -----------
Selling, general and
 administrative
 expenses                  12,916      11,717      26,221      24,397
Other credits                (210)       (790)       (288)       (790)
Depreciation and
 amortization                 812         841       1,596       1,674
                       ----------- ----------- ----------- -----------
    Total operating
     expenses              13,518      11,768      27,529      25,281
                       ----------- ----------- ----------- -----------
Operating loss               (711)     (1,166)       (309)     (2,526)
Interest and other
 financial costs           (1,088)     (1,060)     (2,179)     (2,172)
                       ----------- ----------- ----------- -----------
Loss before income
 taxes                     (1,799)     (2,226)     (2,488)     (4,698)
Income taxes                   --          --          --          --
                       ----------- ----------- ----------- -----------
Net loss                   (1,799)     (2,226)     (2,488)     (4,698)
Preferred stock
 dividend                    (301)         --        (602)         --
                       ----------- ----------- ----------- -----------
Net loss attributable
 to common
 stockholders          $   (2,100) $   (2,226) $   (3,090) $   (4,698)
                       =========== =========== =========== ===========
Weighted-average
 shares outstanding,
 basic and diluted     37,023,551  36,961,307  37,007,571  36,961,307

Net loss per share,
 basic and diluted     $    (0.06) $    (0.06) $    (0.08) $    (0.13)
                       =========== =========== =========== ===========
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