The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
Birks Group Same-Store Sales Down 4% in Fiscal 2018
The Canadian retailer attributed its performance to the renovation of two flagships and a softening retail market in the country.
Montreal–Canadian retailer Birks Group said comparable store sales were down 4 percent in its full fiscal year ended March 31, driven by a “softening” luxury retail market across Canada.
Renovations to its Montreal and Toronto flagships resulting in a temporary decline in sales volumes there also affected the outcome during the year, the company said.
It added that when the impact of lower sales of these two stores are excluded, comps rose by 1 percent, driven by increased sales of Birks-branded products, the successful execution of targeted marketing campaigns, and growth in wholesale and e-commerce sales.
The retailer, which operates 27 stores under the Birks brand across Canada and two retail locations in Calgary and Vancouver under the Brinkhaus brand, also said it saw softer retail conditions during the holiday period.
Net sales during the full year decreased by $2 million to $114.4 million, while gross profit was $43.6 million during fiscal 2018, compared with $46.8 million last year.
Fiscal 2018 operating loss was $13.7 million, an increase of $10 million from the $3.7 million reported in fiscal 2017. Birks Group also reported a net income of $11.7 million for the fiscal year, compared with a net income of $4.9 million for fiscal 2017.
Birks President and CEO Jean-Christophe Bédos said in the company’s financial results overview that its performance was reflective of a number of “major transformative changes” it undertook in the last year.
This included the sale of its Mayor’s Jewelers subsidiary to United Kingdom-based Aurum Holdings in October, which he said has allowed the company to reduce debt and strengthen the balance sheet.
During its fiscal year, the retailer also has seen the ongoing implementation of its new enterprise resource planning system, which allow business to manage day-to-day business activities.
RELATED CONTENT: Retailer Hall of Fame Inductee: Jean-Christophe BédosBirks Group said it now is focusing largely on a five-year strategic plan with five major initiatives: offering customers an omnichannel experience through the new enterprise resource planning system; enhancing its retail stores by renovating its three flagship locations in Montreal, Toronto and Vancouver; expanding e-commerce and wholesale channels; upping its bridal and fine jewelry product offerings to emphasize quality, design and accessible price points; and positioning the Birks product as an international brand.
The Birks jewelry collections were launched in the U.K in September 2017 via an exclusive distribution agreement with Mappin & Webb and
Its endorsement from Meghan Markle, the Duchess of Sussex, who has often been pictured wearing Birks jewelry, seems like a major step in increasing international brand visibility, though Eva Hartling, chief marketing officer and vice president of the Maison Birks line, recently commented that there is a downside to the publicity.
She told Canadian news magazine Maclean’s that, “…All messaging pertaining to Birks right now has to do with the duchess wearing our pieces. We’re launching new collections in the fall, but nobody cares unless the duchess decides to buy a piece and wear it.”
The Latest
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
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.
The announcement came as the company reported a 23 percent drop in production in Q1.