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FinancialsJul 07, 2016
Birks records $5M loss, announces cost-cutting plan
Birks Group Inc., the retailer formerly known as Birks & Mayors, announced this week that it is restructuring to save money, cutting administrative staff at its regional office in Florida and relocating that office’s functions to its headquarters in Canada.
Montreal--Birks Group Inc., the retailer formerly known as Birks & Mayors, announced this week that it is restructuring to save money, cutting administrative staff at its regional office in Florida and relocating that office’s functions to its headquarters in Canada.
The announcement came Tuesday as the company reported its results for the fiscal year ended March 29 and the first quarter ended June 28.
For the fiscal year, same-store sales rose 4 percent year-over-year for the retailer, including a 6 percent increase at its U.S. stores and 2 percent in Canada. The increase in comps was due to an increase in the average sale transaction, Birks said.
Total sales were down 4 percent, from $292.8 million to $281.2 million.
Birks Group recorded a net loss of $5.8 million on the fiscal year, as compared with net income of $1.5 million in the prior fiscal year.
Commenting on the company’s financial results, Jean-Christophe Bédos, Birks Group president and CEO, said the $5.8 million loss was the result of investments, including new store openings and remodels--Birks introduced a new store concept during the fiscal year--new marketing campaigns as well as lower-than-expected holiday sales.
However, he said the company has recorded 16 percent same-store sales growth in the first quarter of fiscal 2015. This includes a 21 percent increase in U.S. comps, which the company attributes to higher average sales and its watch brand sales strategy, and an 11 percent increase in Canada.
Net sales in the first quarter also are up, rising 6 percent to $74.2 million.
“Following the last two years of investment and strategic transition, we are beginning to realize the benefits of our initiatives,” Bédos said.
In order to save money moving forward, the retailer announced it was consolidating “most of” its corporate administrative workforce from its regional office in Tamarac, Fla. to its corporate headquarters in Montreal. It was not immediately clear if Birks Group’s Florida office will remain open in some capacity or how many employees will be impacted by the change.
Montreal-based Birks operates a total of 51 jewelry stores across Canada and in Florida and Georgia, where it has in the Mayors brand.
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