Canada-based jewelry retailer Birks Group reported a loss for the entire fiscal year, despite seeing increased sales. The company announced last week that it incurred a loss of CAD 4.6 million ($3.4 million) for the 12-month period ending March 30. This loss, however, marks an improvement compared to the CAD 7.4 million ($5.4 million) loss reported in fiscal 2023, thanks to reduced operating costs and favorable currency exchange rates.
Birks Group reported a 14% increase in sales, totaling CAD 185.3 million ($134.9 million), with comparable-store sales rising by 8%. The growth was driven by strong demand for third-party branded watches and jewelry. Despite this, the company noted a decline in sales of its own Birks brand products, although the average sales transaction value increased.
CEO Jean-Christophe Bédos commented, “During fiscal 2024, our retail performance and product offerings, particularly our third-party branded watches and jewelry, showed their strength by surpassing last year’s figures.” He acknowledged the challenges posed by economic pressures such as inflation and interest rates throughout the year.
Birks Group remains optimistic about its performance and strategic direction amid ongoing economic uncertainties.
