Birks annual sales fall 4%
Canadian jeweler Birks Group saw sales for fiscal 2025 fall 4% to $177.8 million, on the back of a slow performance in the company's retail channel. Birks annual sales fall 4%. - Birks
The Montreal-based company said retail sales were $7.3 million lower than fiscal 2024, primarily due to a decrease in third-party branded jewelry sales. The decrease was partially offset by an increase in branded timepiece sales throughout the retail network.
Comparable store sales decreased by 3.4% in fiscal 2025 compared to fiscal 2024, again mainly due to lower third-party branded jewelry sales, partially offset by an increase in third-party branded timepiece sales and an increase in average sales transaction value.
The company clocked a net loss for fiscal 2025 of $12.8 million, or $0.66 per share, compared to a net loss for fiscal 2024 of $4.6 million, or $0.24 per share.
"Although our net sales and comparable store sales for fiscal 2025 are lower than fiscal 2024, when excluding the effect of third-party jewelry brand movement, comparable store sales are positive year-over-year, as a result of a strong retail performance and product offering particularly in our third-party branded timepieces,' said Jean-Christophe Bédos, president and chief executive officer of Birks Group.
'In fiscal 2025, we opened two new stores under the TimeVallée and Birks brands and continued to benefit from the fiscal 2024 renovations in our Chinook and Laval locations. These initiatives along with our recent announcement of the acquisition of the watch and jewelry business of European Boutique will continue to generate greater sales and contribute to improve our results."
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