Birks announces sales growth for fiscal 2017

By

Jennifer Braun

Published
Jun 27, 2017

Canadian luxury jewelry retailer Birks reported net sales of $286.9 million for fiscal 2017, up $1.1 million compared to the same period last year.
 
On a constant exchange rate basis, the Montreal-based company saw comparable store sales increase 1 percent during the fiscal year ended March 25, 2017, driven primarily by strong sales in the U.S.
 

The sales were “mainly driven by higher timepiece sales reflecting the success of our strategy to introduce new watch brands while expanding our offering of select watch and fine jewelry brands,” the company said.

Still, in Canada, comparable store sales fell 8 percent.

Gross profit was $108.4 million, for fiscal 2017, compared to $109.4 million, while net income fell from $5.4 million to $4.9 million, due to $0.8 million of restructuring charges cumulated during the year.
 
“Our continued successes are attributable to our dedication to enhancing customer experiences through our new store designs, our new collections and our creative marketing campaigns. Management is focused on growing the Birks brand through a consumer-centric approach involving creative marketing and the launch of new jewelry collections. We believe that the execution of our strategies will allow the Company to achieve its objectives in fiscal 2018," said Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, in a news statement.