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Birks Sales Rise Pre-Pandemic
Jul 12, 2020 10:56 AM
By Rapaport News
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RAPAPORT... Birks Group’s sales increased sharply in the latest fiscal year as three of its major retail stores reopened following renovations.
The Canadian jeweler resumed trading at flagship sites in Vancouver, Toronto and Montreal during the 12-month period ending March 28. Group revenue climbed 12% to CAD 169.4 million ($124.7 million) for the year, while comparable-store sales — at branches open for a year — rose 1.7%, the company reported last week.
Watch sales grew strongly as a result of the store reopenings. However, sales of jewelry and other product categories declined as bridal sales softened and the company shifted away from discounting, it explained.
Birks shut all its stores on March 18 due to the coronavirus, impacting sales for the final few days of the fiscal year and beyond. As of last week, it had reopened 29 of its 30 stores across Canada. The company has secured a CAD 10 million ($7.4 million) loan from Investissement Québec to cover its working-capital needs in the wake of the virus pandemic.
“We accomplished a very important part of our strategic plan prior to the outbreak of Covid-19 by leveraging the major renovations to our flagship stores completed in fiscal 2019 to generate an improved customer experience and product offering, which has yielded significant sales growth and momentum,” said Birks CEO Jean-Christophe Bédos. “As we navigate through the Covid-19 pandemic and its short-term challenges, we still continue to focus our attention on the execution of our long-term strategic plan and its four key strategic initiatives.”
Image: Birks Group’s Toronto flagship store on Bloor Street. (CNW Group/Birks Group)
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Tags:
birks, birks group, Canada, Investissement Québec, Jean-Christophe Bédos, Jewelry, montreal, Rapaport News, toronto, vancouver, watches
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