Birks fiscal 2022 sales outpace pre-pandemic levels
Canadian jeweller Birks Group announced on Thursday revenues for the fiscal 2022 year surged by more than 25%, on the back of a hefty increase in comparable store sales, with revenues for the year outperforming pre-pandemic levels in 2019.
The Montreal-based company said net sales for fiscal 2022 were $181.3 million, an increase of $38.2 million, or 26.7%, compared to fiscal 2021. The company attributed the uptick to a strong performance in its retail channel, fueled by improved performance of third party branded timepieces and Bijoux Birks branded jewelry and bridal collections.
Likewise, comparable store sales increased by 32.5%. The increase was primarily related to the reduced impact of Covid-19 (including government-mandated temporary store closures, traffic declines and capacity limitations) experienced by the company during the period ending March 26, 2022, as compared to during fiscal 2021.
Birks also returned to profit for the year, recording net income of $1.3 million, or $0.07 share, compared to a net loss of $5.8 million, or $0.32 per share for the prior-year period.
“We are pleased to report that fiscal 2022 was a successful year for Birks, which speaks to our teams’ ability to deliver sustained growth across the business under challenging circumstances, their hard work, and their relentless dedication to our customers and company," said Jean-Christophe Bédos, president and chief executive officer of Birks Group.
In fiscal 2022, Birks has shifted from recovering from the impacts of Covid-19 to growing beyond pre-pandemic levels, as our results are strong not only compared to fiscal 2021, but also compared to fiscal 2020, which was not impacted by Covid-19. Our return to profitability is a significant milestone that is indicative of the success of the strategies we implemented to overcome the challenges brought about by Covid-19 during the past two years, and of the turnaround phase of our strategic plan that began pre-pandemic. I am grateful to all our employees for their unwavering efforts and excellent execution during this past year which has allowed us to enter fiscal 2023 from a position of strength.
“I believe that the company today is in a stronger position to achieve its long-term objectives, and I am confident in our potential to achieve meaningful growth as we continue to prioritize investments that we believe will drive shareholder value," added Bédos.
Founded in 1879, Birks Group is a designer of fine jewellery, timepieces and gifts and operator of luxury jewellery stores in Canada. The company operates 24 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Calgary under the Brinkhaus brand, one retail location in Vancouver operated under the Graff brand and one location in Vancouver under the Patek Philippe brand.
Bijoux Birks fine jewellery collections are also available through select Saks Fifth Avenue stores in Canada and the U.S.; select Mappin & Webb and Goldsmiths locations in the United Kingdom; in Mayors stores in the United States as well as several jewellery retailers across North America and the E.U.
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