Birks’ Comps Rise 16 Percent, But It Still Posts Loss

Birks Group announced impressive comps for its fiscal year, with U.S. same-store sales jumping 19 percent and overall comps rising 16 percent.

Canadian comps rose 12 percent. It credited its U.S. success to its focus on timepieces and its Canadian increases to better sales in fine jewelry and timepieces.

Even so, the company realized an $8.6 million net loss for the fiscal year, compared to a $5.8 million loss the prior year. It attributed the loss in part to debt-extinguishment charges and restructuring costs, including the closing of its Florida office.

Net sales increased 7.3 percent, to $301.6 million.

Its average-unit retail sale in the United States—where it operates 17 Mayors stores and one Rolex boutique—jumped 34 percent.  In Canada—where it operates 29 stores—it increased 32 percent.

In a statement, president and CEO Jean-Christophe Bédos predicted significant increases in the company’s bottom line in 2016 and beyond.

JCK News Director