Birks Group Navigates Transition Year with Strategic Gains in Timepiece Sales
This fiscal year is marked by brand transitions and economic headwinds, Birks Group Inc. still reported net sales of $177.8 million for the year ended March 29, 2025, representing a 4.0% decline from fiscal 2024. While the exit of a third-party jewellery brand from two retail locations impacted overall revenue, the company demonstrated resilience, posting a 6.9% increase in comparable store sales when excluding the brand exit—driven primarily by robust growth in timepiece sales.
The gross profit for fiscal 2025 stood at $66.3 million or 37.3% of net sales, down from 39.7% in fiscal 2024. The decline was attributed to lower volume in branded jewellery and unfavourable foreign exchange fluctuations. Despite this, the company improved its operating efficiency, reducing SG&A expenses by $6.2 million, aided by store closures, leaner marketing initiatives, and compensation reductions.
CEO Jean-Christophe Bédos emphasized the importance of strategic retail investments during this transitional year. “Excluding third-party brand changes, comparable store performance remained strong, particularly in timepieces,” he stated. “With two new stores opened under the TimeVallée and Birks brands, and significant renovations completed in Chinook and Laval, we continue to invest in retail spaces that elevate customer experience and brand engagement.”
Adding momentum to its growth plans, Birks recently announced the acquisition of the watch and jewellery business of European Boutique—further strengthening its portfolio of luxury brands across Canada.
Adjusted EBITDA for fiscal 2025 came in at $9.2 million, compared to $10.0 million in the prior year. The Company reported an operating loss of $5.5 million, impacted by a $4.6 million impairment related to ERP implementation delays. Net loss widened to $12.8 million or $0.66 per share from $4.6 million or $0.24 per share in fiscal 2024.
Store Expansion & Brand Diversification
Birks continues to refine its retail footprint. The company now operates 17 Maison Birks locations across major Canadian markets, alongside branded boutiques including Graff, Omega, Breitling, Patek Philippe, and Montblanc. Its ability to curate a diversified portfolio of elite luxury brands, paired with its proprietary offerings, has positioned Birks to weather retail shifts while appealing to Canada’s discerning clientele.
Looking Forward
With a continued focus on timepieces, brand partnerships, and high-end customer experiences, Birks Group is positioning itself for long-term value creation. The company’s focus on lean operations, curated luxury, and strategic investments may prove pivotal as the global luxury market adapts to evolving consumer behaviours and macroeconomic shifts.
