Birks’ comparable-store sales rise in Canada

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Birks Group reported that sales improved 7.3 per cent year on year to $301.6 million in the fiscal year that ended on March 28th. The company’s comparable-store sales rose 16 per cent due to much higher average sale transactions, with the Canadian average unit sales value increasing 32 per cent at stores across the country.

“The company has realized several key achievements during fiscal 2015, [including] a comparable store sales increase of 16 percent, successful implementation of a significant portion of our operational restructuring plan that will help drive efficiencies within our organization, and the successful renegotiation of our credit facilities with strong financial partners,” says Jean-Christophe Bédos, the CEO of Birks Group. “As a result, we believe we are poised for significant improvements in the company’s bottom line results for 2016 and beyond.”

This year, the company’s cost of sales jumped 10.4 percent to $183.8 million; in addition, Birks recorded a $2.6 million restructuring charge. The retailer also reported a loss of $8.6 million compared with a loss of $5.8 million one year earlier.

Moreover, at the close of Birks’ fiscal year, inventory was valued at $135.7 million— down from $144.6 million one year earlier—while bank indebtedness declined 13 percent to $64.3 million. CJ

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