Birks Group sales grow in first half of year
Canadian luxury jewelry retailer Birks reported on Tuesday a sales growth for the first-half of fiscal 2019, while it continues to execute its five-year strategic plan.
The Montreal-based company reported net sales of $68.7 million, up $3.6 million, compared to $65.1 million reported during the same period last year.
The increase was primarily driven by the company’s retail business including the re-opening of its Montreal Flagship store, as well as strong e-commerce sales. Still, results were partially offset by lower sales at stores undergoing renovations.
Comparable store sales during the period ended September 29, 2018 were up 4 percent compared to the prior year period, which would have been 7 percent when excluding the Company's Toronto Flagship location, currently undergoing major renovations.
“We are pleased with the sales growth experienced during the period, especially the performance of the underlying retail business, which benefited from the impact of the fully renovated Montreal Flagship store,” said Jean-Christophe Bédos, President and CEO of Birks Group.
“This is a promising sign of things to come as we continue the renovation of our Vancouver Flagship location and the major remodeling of our Toronto Flagship location, which is expected to be completed in the fourth quarter of fiscal 2019. We remain confident that the execution of our strategic initiatives will lead to long-term value creation."
Gross profit was $26.4 million, or 38.4 percent of net sales, compared to $26.1 million, or 40 percent of net sales.
The company operates 26 stores under the Birks brand in Canada, one retail location in Calgary under the Brinkhaus brand and two retail locations in Vancouver under the Graff and Patek Philippe brands.
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