Birks Group Inc. has revealed that the company’s revenue grew by 3.2 per cent year on year to reach $97.6 million in the third quarter that ended on December 28, 2014. The rise in revenue is a result of higher comparable-store sales, which increased by 11 per cent.
That number was slightly offset by a weaker Canadian dollar, which led to a loss of $3.8 million. The closing of four stores in 2014 also contributed to a $1.5 million loss in revenues.
The third quarter also brought an increase of same-store sales for Birks, both Canada and the U.S., with a jump of 5 per cent here and 17 per cent south of the border.
According to Rapaport, the fine jeweller saw a growth of comparable-store sales in Canada and the U.S. during the Christmas season largely due to strong watch sales and a growth in average sales transaction value.
President and CEO of Birks, Jean-Christophe Bédos, says, “We are very pleased to see that the continued execution of our strategies, which we began implementing during the prior year and which delivered strong sales growth during the first half of the fiscal year continued to drive sales growth during the third quarter and holiday period. As we enter the final quarter of our fiscal year, we remain confident that the continuing execution of our key strategies will enable us to continue our strong sales performance through the remainder of the fiscal year.” CJ