Birks Group announced a net sales decline of 8.8% to $80.1 million for the period ending September 28, 2024, citing lower sales of branded jewelry following the exit of a brand from two stores. However, this decline was partially offset by stronger sales in branded timepieces.
The Montreal-based company reported a 4.9% drop in comparable sales for the 26-week period. When excluding the impact of the third-party jewelry brand exit, comparable store sales actually increased by 7.5%, driven largely by timepiece sales.
Birks also posted a net loss of $3.1 million, or $0.16 per share, compared to a net loss of $1.5 million, or $0.08 per share, in the same period last year.
“Although our net sales and comparable store sales for the first half of fiscal 2025 are lower than last year, excluding the impact of the third-party jewelry brand, our comparable store sales are positive,” said Jean-Christophe Bédos, president and CEO of Birks Group.
He also expressed satisfaction with the results from the company’s recent store renovations. The newly renovated Chinook and Laval stores have shown stronger sales since reopening, contributing positively to the company’s performance.
In early September 2024, Birks unveiled a new store design at its flagship location in the newly opened Royalmount shopping mall in its hometown of Montreal.
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