Skip to content

Birks Group Studies FY2023 Vacation Interval Gross sales Outcomes

MONTREAL, January 23, 2023–(BUSINESS WIRE)–Birks Group Inc. (the “Firm” or “Birks Group”) (NYSE American: BGI), reported its gross sales outcomes for the 9 week interim gross sales interval ending January 1, 2023 (the “FY2023 Vacation Interval”) leading to a lower of three.2% in comparable retailer gross sales versus the exceptional FY2022 Vacation Interval, throughout which the Firm had recorded exceptional progress of 18.4% in comparable retailer gross sales. The FY2023 Vacation Interval gross sales efficiency is equal to a rise in comparable retailer gross sales of 15.3% to the FY2020 Vacation Interval, the latest pre-COVID comparable interval.

The FY2023 Vacation Interval gross sales efficiency was impacted by softer November outcomes which we attribute to client prudence, as prospects delayed purchases amidst an unsure macroeconomic background. This was partially offset by stable December outcomes because the Firm delivered progress in comparable retailer gross sales throughout the month, fueled by the efficiency of its Flagship shops. The December outcomes had been largely derived from the constructive efficiency of branded timepieces and branded jewellery, as shopper demand within the Canadian market remained sturdy for high-end luxurious watches and jewellery.

The 15.3% comparable retailer gross sales enhance in FY2023 over the comparable interval in FY2020 was a results of two parts: a rise in each the branded jewellery and branded timepieces classes ensuing from the continual enchancment in third celebration model portfolio combine and shopper choices, and an Enhance in common gross sales transaction worth throughout all product classes.

Mr. Jean-Christophe Bédos, President and Chief Government Officer of Birks Group, commented: “Our gross sales groups have delivered constructive outcomes this vacation interval when contemplating the present macroeconomic surroundings, together with comparable retailer gross sales progress within the month of December. I want to thank our groups for his or her dedication on delivering wonderful service to our prospects.Moreover, the rise of 15.3% in comparable retailer gross sales vs. FY2020, is a crucial achievement that demonstrates the continued success of our long-term methods, on which we stay centered as we proceed to place ourselves for long-term success.”

Comparable Retailer Gross sales

We use comparable retailer gross sales as a key efficiency measure for our enterprise. Comparable retailer gross sales embrace shops open in the identical interval in each the present and prior interval. We embrace e-commerce gross sales in our comparable retailer gross sales calculations. Shops enter the comparable retailer calculation of their thirteenth full month of operation underneath our possession. Shops which were resized or relocated are evaluated on a case-by-case foundation to find out if they’re functionally the identical retailer or a brand new retailer after which are included or excluded from comparable retailer gross sales, accordingly. Comparable retailer gross sales measure the share change in web gross sales for comparable shops in a interval in comparison with the corresponding interval within the earlier 12 months. If a comparable retailer shouldn’t be open for the whole thing of each durations, comparable retailer gross sales measure the change in web gross sales for the portion of time that such retailer was open in each durations. We imagine that this measure supplies significant data on our efficiency and working outcomes. Nevertheless, readers ought to know that this monetary measure has no standardized which means and will not be corresponding to comparable measures offered by different corporations.

About Birks Group Inc.

Birks Group is a number one designer of positive jewelry, timepieces and presents and operator of luxurious jewelery shops in Canada. The Firm operates 23 shops underneath the Maison Birks model in most main metropolitan markets in Canada, one retail location in Calgary underneath the Brinkhaus model, one retail location in Vancouver operated underneath the Graff model and one retail location in Vancouver underneath the Patek Philippe model. The Birks model positive jewelery collections are additionally out there by way of choose SAKS Fifth Avenue shops in Canada and the US, choose Mappin & Webb and Goldsmiths places in the UK, in Mayors shops in the USA, in W. Kruk shops in Poland in addition to a number of jewelery retailers throughout North America and Europe. Birks was based in 1879 and has change into Canada’s premier retailer and designer of positive jewelry, timepieces and presents. Extra data might be discovered on Birks’ website, www.birks.com.

Ahead Trying Statements

This press launch incorporates forward-looking statements which might be recognized by their use of phrases like “plans,” “expects,” “believes,” “will,” “anticipates,” “intends,” “tasks,” “estimates,” “might,” “would,” “might,” “deliberate,” “purpose,” and different phrases of comparable which means. All statements that tackle expectations, prospects or projections concerning the future, together with with out limitation, statements about anticipated financial circumstances, and our methods for progress, efficiency drivers, enlargement plans, sources or adequacy of capital, expenditures and monetary outcomes are forward-looking statements .

As a result of such statements embrace numerous dangers and uncertainties, precise outcomes would possibly differ materially from these projected within the forward-looking statements and no assurance might be on condition that the Firm will meet the outcomes projected within the forward-looking statements. These dangers and uncertainties embrace, however will not be restricted to the next: (i) the magnitude and size of financial disruption because of the worldwide COVID-19 outbreak, together with its influence on macroeconomic circumstances, typically, in addition to its influence on the outcomes of operations and monetary situation of the Firm and the buying and selling worth of the shares; (ii) common financial, political and market circumstances, together with the economies of Canada and the US, which might adversely have an effect on our enterprise, working outcomes or monetary situation, together with our income and profitability, by way of the influence of adjustments in the true property markets, adjustments within the fairness markets and reduces in client confidence and the associated adjustments in client spending patterns, the influence on retailer visitors, tourism and gross sales; (iii) the influence of fluctuations in international trade charges, inflation, will increase in commodity costs and borrowing or working prices, or different pricing surroundings components and their associated influence on the Firm’s prices and bills; (iv) adjustments in rates of interest; (v) the Firm’s skill to keep up and acquire enough sources of liquidity to fund its operations, to attain deliberate gross sales, gross margin and web revenue, to maintain prices low, to implement its enterprise technique, preserve relationships with its main distributors, to mitigate fluctuations within the availability and costs of the Firm’s merchandise, to compete with different jewelers, to reach its advertising initiatives, and to have a profitable customer support program; (vi) the Firm’s skill to proceed to borrow underneath the Amended Credit score Facility and Amended Time period Mortgage; (vii) the Firm’s skill to keep up worthwhile operations, in addition to preserve specified extra availability ranges underneath the Amended Credit score Facility, make scheduled funds of principal and curiosity, and fund capital expenditures; (viii) the Firm’s skill to execute its strategic imaginative and prescient; (ix) the geopolitical surroundings and elevated political uncertainty; (x) the influence of weather-related incidents, pure disasters, strikes, protests, riots or terrorism, acts of struggle or one other public well being disaster or illness outbreak, epidemic or pandemic on the Firm’s enterprise; and (x) the Firm’s skill to proceed as a going concern.

Data regarding components that might trigger precise outcomes to vary materially is ready forth underneath the captions “Threat Components” and “Working and Monetary Evaluation and Prospects” and elsewhere within the Firm’s Annual Report on Kind 20-F filed with the Securities and Alternate Fee on June 24, 2022 and subsequent filings with the Securities and Alternate Fee. The Firm undertakes no obligation to replace or launch any revisions to those forward-looking statements to mirror occasions or circumstances after the date of this assertion or to mirror the incidence of surprising occasions, besides as required by regulation.

View supply model on businesswire.com: https://www.businesswire.com/information/dwelling/20230123005550/en/

contacts

Firm Contacts:
katia fontana
Vice President and Chief Monetary Officer
(514) 397-2592

For all press and media inquiries, please contact:
OverCat Communications
Audrey Hyams Romoff, ahr@overcat.com, (647) 223-9970
Chelsea Brooks, cb@overcat.com,
(289) 221-6006

Leave a Reply

Your email address will not be published. Required fields are marked *