Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Comps soar even as losses rise for Birks
Birks Group reported that U.S. same-store sales were up 19 percent in its fiscal year ended March 28, due to an increase in average transaction price and the success of the company’s watch strategy.
Montreal-- Birks Group reported that same-store sales were up 19 percent in the United States in its fiscal year ended March 28.
The company attributes this largely to an increase in the average sale transaction, which was up 34 percent in the U.S. market, as well as the success of the company’s timepiece strategy.
Canadian same-store sales also soared in the full year, rising by 12 percent over the prior year. Birks said this growth is again due to the increase in average sales transaction, with the average retail sale up 32 percent, as well as growth in the fine jewelry business and higher watch sales.
Despite a weakening Canadian dollar, net sales for the company’s fiscal year were up 7 percent to $301.6 million due to the increase in comps and higher sales from the opening of a few new store locations.
Operating income rose to $5.3 million. Gross profit increased $3.1 million to hit $117.8 million in fiscal 2015.
Yet, despite the increase in sales, Birks reported a net loss for the fiscal full year of approximately $8.6 million, as compared with the $5.8 million recorded in the prior-year period.
The cost of sales rose 10 percent to $183.8 million and the company recorded restructuring charges of $2.6 million, as it cut costs to save money. This included closing its office in Tamarac, Fla., with the functions of that office migrating to company headquarters in Montreal.
RELATED CONTENT: Birks records $5M loss, announces cost-cutting plan
As of June 30, Birks operated 47 luxury stores, including 27 under the Birks brand in most major markets in Canada, 17 stores across Florida and Georgia under the Mayors brand, one store under the Rolex name, and two retail stores under the Brinkhaus name in Calgary and Vancouver.
The Latest
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.