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FinancialsJul 07, 2016
Comps soar even as losses rise for Birks
Birks Group reported that U.S. same-store sales were up 19 percent in its fiscal year ended March 28, due to an increase in average transaction price and the success of the company’s watch strategy.
Montreal-- Birks Group reported that same-store sales were up 19 percent in the United States in its fiscal year ended March 28.
The company attributes this largely to an increase in the average sale transaction, which was up 34 percent in the U.S. market, as well as the success of the company’s timepiece strategy.
Canadian same-store sales also soared in the full year, rising by 12 percent over the prior year. Birks said this growth is again due to the increase in average sales transaction, with the average retail sale up 32 percent, as well as growth in the fine jewelry business and higher watch sales.
Despite a weakening Canadian dollar, net sales for the company’s fiscal year were up 7 percent to $301.6 million due to the increase in comps and higher sales from the opening of a few new store locations.
Operating income rose to $5.3 million. Gross profit increased $3.1 million to hit $117.8 million in fiscal 2015.
Yet, despite the increase in sales, Birks reported a net loss for the fiscal full year of approximately $8.6 million, as compared with the $5.8 million recorded in the prior-year period.
The cost of sales rose 10 percent to $183.8 million and the company recorded restructuring charges of $2.6 million, as it cut costs to save money. This included closing its office in Tamarac, Fla., with the functions of that office migrating to company headquarters in Montreal.
RELATED CONTENT: Birks records $5M loss, announces cost-cutting plan
As of June 30, Birks operated 47 luxury stores, including 27 under the Birks brand in most major markets in Canada, 17 stores across Florida and Georgia under the Mayors brand, one store under the Rolex name, and two retail stores under the Brinkhaus name in Calgary and Vancouver.
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