There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
Birks Reports 10% Drop in Same-Store Sales
The retail chain blamed it on weak retail sales in Canada and renovations to two flagship stores.
Montreal--Same-store sales fell 10 percent in the first half of the fiscal year for Canadian retailer Birks Group Inc.
Net sales for the 26-week period ended Sept. 23 totaled $49.8 million, a 9 percent decline from the same period last year.
Birks said sales of branded fine jewelry and bridal were weak, and pointed to overall softness in luxury retail in Canada and the renovation of two flagship stores, in Montreal and Toronto, as reasons for the sales decline.
Gross profit from continuing operations slipped from 41 percent of net sales to 40.1 percent due to the product sales mix and increased promotions.
In the first half of its fiscal year, Birks Group announced the sale of Mayor’s Jewelers Inc. to U.K. company Aurum Holdings Ltd. for total cash consideration of $107.7 million. At the time of the transaction, Mayor’s Jewelers Inc. had 16 Mayors stores in Florida and Georgia and operated a Rolex store in Orlando.
The sale, which Birks has said will allow it to pay down debt, invest in its Canadian stores and online operations, closed Oct. 23.
The Mayors results for the period were not included in the Birks sales total for the half-year period, though the net loss figure the company reported did include the Florida-Georgia jeweler.
Birks Group’s net loss for the period totaled $4.3 million, including a net loss from continuing operations of $5.7 million and net income from Mayors of $1.3 million.
That is more than double the net loss of $2.0 million recorded in the prior-year period.
In a company news release, Birks Group President and CEO Jean-Christophe Bédos said the first-half results “reflect the transformation of the company’s operations in order to achieve its objective of becoming an international omnichannel business and to attain our goal of becoming a globally renowned luxury brand.”
In National Jeweler’s 2017 State of the Majors report, Birks ranked No. 22 on the $100 Million Supersellers list and No. 23 on the list of Top 50 Specialty Jewelers by store count.
The Latest
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”
The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.
The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.