|
|
Birks Group Returns to Profit
Jul 6, 2016 9:33 AM
By Rapaport News
|
|
|
RAPAPORT... Birks Group swung to a profit in fiscal 2016 following a
restructuring as comparable sales rose, driven by new store designs, new collections
and marketing campaigns.
Net income stood at $5.4 million in the 12 months that ended
March 26 versus a loss of $8.6 million a year ago, the Montreal,
Canada-headquartered jeweler reported. Comparable store sales advanced 3
percent even as revenue on a reported basis fell 5.2 percent to $285.8 million,
weighed down by the strengthening of the U.S. dollar against its Canadian
counterpart.
The company’s timepiece strategy drove a 1-percent increase
in comparable store sales in the U.S. The Canadian business grew 6 percent by
the same measure, supported by fine jewelry and higher timepiece sales. The average
transaction value was higher in both the U.S. and Canada.
“Our undivided attention to growing the Birks brand through
a more modern store environment, creative marketing and new jewelry
collections has delivered strong performances in both Canada and in the U.S.,”
said Jean-Christophe Bédos, Birks Group’s president and chief executive officer.
|
|
|
|
|
|
|
|
|
|
Tags:
birks, birks group, Canada, Jewelry, Rapaport News, retail, u.s.
|
|
|
|
|
|
|
|
|
|
|