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Birks Group’s 3Q Comparable Sales Rise
Jan 13, 2016 9:08 AM
By Rapaport News
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RAPAPORT... Jewelry retailer Birks Group reported comparable-store sales
rose 3.5 percent year on year in the third quarter, defying difficult market
conditions. Total consolidated net sales – down 6.6 percent on a weaker
Canadian dollar – also rose 1.2 percent on an ex-currency basis.
Comparable-store sales in Canada advanced 5.9 percent and in
the U.S. grew 1.4 percent even though a stronger U.S. dollar constrained tourist
spending stateside, according to a statement January 12.
“We outperformed the market and delivered sales growth during the third
quarter despite a challenging retail environment due to the strong U.S. dollar
that is impacting tourism in the U.S., while low oil and commodity prices have
affected sales for Canada,” Jean-Christophe Bédos, Birks Group’s president and
chief executive officer, said in the statement.
Average sales transactions in Canadian stores continued to increase. In
the U.S., “timepieces and fine jewelry” sales during the “holiday season” climbed
2.4 percent.
“We are confident that continuing with the
execution of our corporate strategies will serve us well for the remainder of
the fiscal year,” Bédos said in the statement.
The
company, listed on New York’s NYSE MKT, operated 28 stores under the Birks
brand across Canada as of January 12, as well as 17 stores under the Mayors
brand in the south-eastern U.S. It has one store under the Rolex brand name and
two retail locations in Calgary and Vancouver, Canada, under the Brinkhaus brand.
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Tags:
birks group, Canada, Jewelry, Rapaport News, retail, same-store sales, u.s., watches
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