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RAPAPORT... Birks Group reported that sales improved 7.3 percent year on year to $301.6 million in the fiscal year that ended on March 28. Comparable-store sales rose 16 percent due in large part to much higher average sale transactions. In the U.S., the average unit sales value rose 34 percent, while it increased 32 percent at stores across Canada. Cost of sales jumped 10.4 percent to $183.8 million and, in addition, the company recorded a $2.6 million restructuring charge. The retailer reported a loss of $8.6 million compared with a loss of $5.8 million one year earlier. At the close of Birks' fiscal year, inventory was valued at $135.7 million, down from $144.6 million one year earlier, while bank indebtedness declined 13 percent to $64.3 million. Jean-Christophe Bédos, the CEO of Birks Group, said, “The company has realized several key achievements during fiscal 2015: comparable-store sales increase of 16 percent, successful implementation of a significant portion of our operational restructuring plan that will help drive efficiencies within our organization, and the successful renegotiation of our credit facilities with strong financial partners. As a result, we believe we are poised for significant improvements in the company’s bottom line results for 2016 and beyond.”
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