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FinancialsJul 08, 2016
Birks Group Sees Comps Rise, Profitability Return in FY 2016
The company said U.S. comps were up 1 percent in its latest fiscal full year due to a higher average sales transaction and the success of its timepiece strategy.
Montreal--Birks Group, which operates 46 jewelry stores across Florida, Georgia and Canada, said comps were up and the company returned to profitability in its fiscal full year following a restructuring.
The company attributed a number of factors to its performance in the period ended March 26, including its focus on enhancing customer experiences through new store designs, successful launches of new collections and creative new marketing campaigns.
Comps in the U.S. were up 1 percent during the year, despite reduced tourist activity in Florida due to the strong U.S. dollar. The company said the growth was due in large part to an increase in the average sales transaction as well as the success of its timepiece strategy.
Canada also saw comps rise, with Birks reporting a 6 percent increase in same-store sales in the region, attributed again to higher average sales transactions as well as growth in the fine jewelry business and higher timepiece sales.
The group also noted that its Birks-branded line of jewelry saw a strong performance in Mayors stores during the fiscal year.
Overall comps for the company were up 3 percent compared to the prior fiscal year.
Net sales were $4.4 million higher than fiscal 2015 on a constant exchange basis and after excluding the lower sales due to the translation of company’s Canadian sales into U.S. dollars with a weaker Canadian dollar.
The increase is attributable to a rise in comps and sales at two new stores and two stores temporarily closed, partially offset by lower sales related to the closing of six unprofitable stores in the past two years and temporary closure of a store for relocation.
Birks’ operating income during the full year, meanwhile, was $15.5 million, a $10.2 million increase over prior year, on a gain from the sale of its assets and lower restructuring charges, among other things.
This year, the company reported net income of approximately $5.4 million, compared with a net loss of approximately $8.6 million in fiscal 2015.
As of May 31, the company operated 26 stores under the Birks brand in most major metropolitan markets in Canada, 17 stores in Florida and Georgia under the Mayors brand, one store under the Rolex name and two retail locations in Calgary and Vancouver under the Brinkhaus brand.
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