Birks Group fiscal 2026 results show net sales of $205.4 million, up 15.5 per cent, comparable store sales up 2.6 per cent and a swing from a $5.5 million operating loss to a $3.1 million operating profit.
On July 8, 2025, Birks Group bought four Greater Toronto Area stores operating under the European Boutique name. Twelve months later, that deal shows up on nearly every line of the annual report. For the year ended March 28, 2026, Canada’s oldest jewellery house grew faster than it has in years. It also came within sight of a clean bottom line. All figures are in Canadian dollars.
How strong were the Birks Group fiscal 2026 results?
The table tells most of the story. Revenue jumped, margin widened, and the net loss shrank to a fraction of last year’s.
| Measure | Fiscal 2026 | Fiscal 2025 | Change |
|---|---|---|---|
| Net sales | $205.4 million | $177.8 million | +15.5% |
| Comparable store sales | +2.6% | n/a | n/a |
| Gross profit | $79.2 million (38.5%) | $66.3 million (37.3%) | +120 bps margin |
| SG&A expenses | $68.5 million (33.4%) | $59.5 million (33.5%) | +$9.0 million |
| Adjusted EBITDA | $12.9 million | $9.2 million | +$3.7 million |
| Operating income (loss) | $3.1 million | ($5.5 million) | +$8.6 million |
| Net loss | ($3.4 million) | ($12.8 million) | Improved $9.4 million |
| Net loss per share | ($0.17) | ($0.66) | n/a |
Source: Birks Group fiscal 2026 annual results, fiscal year ended March 28, 2026.
What drove the growth?
The acquisition did the heavy lifting, and the house brand did the rest. Birks branded jewellery kept gaining ground in the assortment, average transaction values rose, and third party branded jewellery sold well. The one drag was timepieces, where a supplier brand exit at a single store pulled volume down.
Executive Chairman and Interim Chief Executive Officer Niccolò Rossi di Montelera pointed to both engines. “Our retail performance has outperformed over the prior year due to the strategic acquisition of European Boutique along with organic growth, particularly with our Birks branded jewelry,” he said in the results announcement, crediting employees for a smooth integration of the acquired stores.
Did Birks make money?
Almost. Gross margin widened by 120 basis points, and the company was candid about why. Most of the gain came from foreign exchange, as the U.S. dollar weakened against the Canadian dollar. Merchandising helped, but currency did much of the work.
Costs rose with the added stores. Occupancy, compensation, credit card fees and professional fees all climbed. Severance tied to the CEO transition added roughly $0.9 million. Even so, expenses fell slightly as a share of sales. Financing costs of $8.8 million came in below the prior year, so the bottom line landed at a small loss instead of a large one. The trajectory matters more than the final digit. Two years of restructuring have left this income statement within one good year of black ink.
Where does Birks go from here?
The year ahead is already taking shape. A new Birks mono brand store is planned for fall 2026 at Oakridge Park. The redeveloped Vancouver centre opened in May and is assembling one of the strongest luxury lineups in Western Canada. Placing the house brand in its own storefront there signals where management sees the future. Product Birks controls outright carries the strongest identity and, typically, the healthiest margin.
The balance sheet also has more room. In June, the company closed a $32.5 million term loan with Gordon Brothers. It also extended its revolving facility with Wells Fargo Canada Corporation to $93 million. Both maturities now run to 2031, a refinancing Canadian Jeweller covered in Birks Group Financing: Gordon Brothers Backs Canada’s Iconic Jeweller. The company now operates 32 stores across Canada. Seventeen are Maison Birks locations, alongside mono brand boutiques for Patek Philippe, Breitling, Omega, Chaumet, Montblanc, TimeVallée and Brinkhaus.
What should jewellers take from this?
Three lessons travel well beyond Montreal. First, house brand product moved the needle while a supplier exit dragged it down. Revenue built on someone else’s brand can leave on someone else’s schedule. Second, growth came from bigger sales, not more of them. Many independents are seeing the same pattern on their own floors. Third, currency swung the margin line by more than a full point. Any retailer buying in U.S. dollars should be repricing with the same discipline.
For the Monday morning file: measure how much of your revenue depends on brands you do not control. Track your average sale against last year. Then watch the Vancouver opening this fall, a live test of how far a Canadian house brand can stretch.
Frequently asked questions
What were Birks Group’s net sales in fiscal 2026?
$205.4 million for the year ended March 28, 2026, up 15.5 per cent from the prior year.
Is Birks Group profitable?
The company earned an operating profit and posted adjusted EBITDA of $12.9 million, but financing costs left a net loss of $3.4 million, sharply improved from a year earlier.
What is the European Boutique Acquisition?
The July 2025 purchase of European Boutique’s luxury watch and jewellery business, which brought four Greater Toronto Area stores into Birks Group.
How many stores does Birks Group operate?
32 locations across Canada, spanning Maison Birks, European Boutique and several mono brand boutiques.
When does the new Birks store open at Oakridge Park?
Fall 2026, in the redeveloped Vancouver centre that opened in May 2026.
Sources: Birks Group Inc. fiscal 2026 annual results; Birks Group European Boutique acquisition announcement; Gordon Brothers term loan announcement; Retail Insider on Oakridge Park.
Author: Canadian Jeweller Editorial Team
The editorial team of Canadian Jeweller Magazine, Canada’s jewellery industry publication since 1879. We report on retail strategy, diamonds and gemstones, watches, precious metals, technology, and the business of jewellery across Canada. Editorial inquiries: editor@canadianjeweller.com.
