Birks Group saw comps fall 10 percent in the latest six-month period (ended Sept. 23), a product of the mixed Canadian luxury retail environment and renovations at two of its flagships.
The stats do not include numbers from its Mayor’s division, which it sold this summer for $108 million.
Net sales for the 26 weeks totaled $49.8 million, compared to $54.9 million for the same period last year. The company posted a $4.3 million net loss for the period, compared to a $5.7 million loss the prior year.
In a statement, president and CEO Jean-Christophe Bédos said the Mayor’s sale will allow it to decrease its debt and concentrate on the Birks brand.
(Image courtesy of Birks Group)