Birks Reports Loss for Full Fiscal Year

Canada-based jeweler Birks Group recorded a loss for the full fiscal year, even as it saw an improvement in sales. 

The company posted a loss of CAD 4.6 million ($3.4 million) for the 12 months that ended March 30, it said last week. However, that figure was an improvement on the CAD 7.4 million ($5.4 million) loss the company reported in fiscal 2023, after it decreased operating costs and benefited from better currency exchange rates.   

Sales climbed 14% to CAD 185.3 million ($134.9 million), while comparable-stores sales rose 8%. That increase was driven by strong demand for third-party branded watches and jewelry, the company explained. Birks also saw growth in the average value of sales transactions, it noted. However, a decline in sales of Birks brand products partly offset the gain in transaction value.  

“During fiscal 2024… our retail performance and our product offerings, particularly our third-party branded watches and jewelry offering, have demonstrated their strength by outperforming the same period last year,” said Birks CEO Jean-Christophe Bédos. The positive result came “despite a challenging economic environment throughout the year including ongoing inflationary and interest rates pressure,” he added. 

Image: A Birks store in Canada. (Birks)