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Montreal Relaunch Boosts Birks Results
Nov 25, 2018 9:40 AM
By Rapaport News
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RAPAPORT... Birks Group’s sales grew in the six months to September 29
as the retailer opened its renovated flagship store in Montreal, Canada.
Sales rose 6% to CAD 68.7 million ($51.9 million) in the
fiscal first half at the jeweler’s continuing operations, which exclude the
Mayors division it sold to Aurum Holdings in August 2017. Comparable-store
sales — which further eliminate branch openings such as the one in Montreal in
June — increased 4%, the company reported earlier this month.
Birks launched the redesigned Montreal branch following a
four-month closure. It has also been refurbishing its main Toronto store, which it has operated out of a temporary location for several months, resulting in a
decline in sales volume.
The company included that weakened Toronto operation in its
comparable-store sales. Excluding it, comparable-store sales would have jumped 7%,
it noted.
“The company continues to focus on the execution of our
five-year strategic plan and its key initiatives,” said Birks CEO
Jean-Christophe Bédos. “The results of the first half of [this fiscal year], as
expected, are reflective of this fact as we continue to invest in the core
growth areas we have identified.”
Birks also noted significant sales increases in branded
jewelry and in bridal categories, as well as higher sales of third-party branded
watches.
Including the Mayors division, half-year sales fell 57% from
CAD 159.2 million ($120.3 million) a year ago, and the company’s net loss
increased 95% to CAD 10.8 million ($8.2 million).
Image: The “bridal bar” at Birks’ renovated store in Montreal, Canada. (CNW Group/Birks Group)
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Tags:
Aurum Holdings, birks, birks group, Canada, Jean-Christophe Bédos, Jewelry, mayors, montreal, Rapaport News, retail, toronto
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