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Birks Group’s fiscal sales drop 4%
The company accounts net loss of $5.8 million in the 12 months
By: Diamond World News Service
Jul 31 2014 3:20PM
Reference: 9391  

In the fiscal period ending March 29, 2014, Birks Group Inc., formerly known as Birks & Mayors, recorded a net loss of $5.8 million, as compared with net income of $1.5 million in the prior fiscal year. Sales dropped 4 percent from $292.8 million (last fiscal) to $281.2 million.

But in the 12 months, same-store sales rose 4 percent year-over-year, including a 6 percent increase at its U.S. stores and 2 percent in Canada. The company attributed this increase to the average sale transaction.

Jean-Christophe Bédos, Birks Group president and CEO, said attributed the $5.8 million loss to ‘significant investments in new initiatives such as new store openings and remodels, new marketing campaigns, website upgrades and the introduction of new brands and expansion of existing brands, holiday results being lower than plan’.

In the quarter closing June 28, 2014, the first quarter of fiscal 2015, there was a 16 percent rise in same-store sales, 21 percent growth in U.S. comp sales, which the company noted is due to higher average sales and its watch brand sales strategy, and an 11 percent increase in Canada. Net sales rose 6 percent to $74.2 million.

The company also announced undertaking restructuring to reduce corporate overheads, improve profitability and better efficiency. For this it plans to consolidate most of its corporate administrative workforce located currently at its regional office facility in Tamarac, Florida, to its Montreal corporate head office.

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