Despite COVID-19 Lockdowns, Net Sales Were
Flat Compared to Last Year
Birks Group Inc. (the “Company” or “Birks Group”) (NYSE
American: BGI), today reported its sales results for the interim
holiday sales period from November 1, 2020 through December 26,
2020 (the “FY2021 Holiday Period”).
For the FY2021 Holiday Period, net sales were 0.2% lower than
last year, primarily due to a 1.8% decrease in comparable store
sales, driven by temporary store closures due to COVID-19
restrictions in certain regions in Canada. As a result of various
provincial health restrictions, seven of the Company’s 29 retail
locations, including its flagship Bloor Street store in Toronto,
were temporarily closed for in-person shopping for the majority of
the holiday season. When excluding the seven stores that were
temporarily closed for in-person shopping during the FY2021 Holiday
Period, comparable stores sales increased by 6.8%. Furthermore,
e-commerce sales increased by 176.0% during the FY2021 Holiday
Period. See below under “Comparable Store Sales” for a definition
of this performance measure.
Mr. Jean-Christophe Bédos, President and Chief Executive Officer
of Birks Group, commented: “Despite the COVID-19 pandemic and its
negative impact, we have delivered good holiday results,
highlighting our ability to adapt to emerging trends to better
serve our clients, such as through our growing e-commerce business
and our concierge service. We are very proud of the results
achieved and fully appreciate the contributions of our management
team and employees, whose dedication, professionalism and ability
to adapt has allowed the Company to successfully navigate through
these uncertain times.”
Mr. Bédos further commented: “While some of our boutiques
continue to be temporarily closed for in-store shopping, there are
still a number of ways for clients to access Maison Birks’ elevated
client service. Through our Concierge Service, virtual appointments
and e-commerce, we are available for our clients and able to help
them shop safely during this time. MaisonBirks.com is the #1
e-commerce destination in Canada for luxury watches and jewellery.
We remain committed to, and recently invested in technological
equipment for the purpose of offering the highest possible quality
in individualized video shopping to our clients.”
In accordance with current provincial restrictions to address
the “second wave” of the COVID-19 pandemic, 16 of the Company’s
stores in Quebec and Ontario, including its flagship stores in
Montreal and Toronto, and its Winnipeg store in Manitoba, have been
temporarily closed for in-person shopping (Quebec until at least
February 8, 2021 and Ontario until at least February 9, 2021). The
Company’s remaining 13 stores in British Columbia, Alberta and
Saskatchewan remain open for in-store shopping. Clients can make
arrangements for curbside pickup through Maison Birks’ Concierge
Service by phone at +1 (855) 873-7373 and email at info@birks.com.
Select boutiques are also offering virtual appointments, where
clients can receive elevated service through video chat. Virtual
appointments can be scheduled online at
https://www.maisonbirks.com/en/virtual-appointment.
Clients can continue to shop online 24/7 at MaisonBirks.com and
benefit from complimentary shipping across Canada.
Comparable Store Sales
We use comparable store sales as a key performance measure for
our business. Comparable store sales include stores open in the
same period in both the current and prior period. We include
e-commerce sales in our comparable store sales calculations. Stores
enter the comparable store calculation in their thirteenth full
month of operation under our ownership. Stores that have been
resized or relocated are evaluated on a case-by-case basis to
determine if they are functionally the same store or a new store
and then are included or excluded from comparable store sales,
accordingly. Comparable store sales measure the percentage change
in net sales for comparable stores in a period compared to the
corresponding period in the previous year. If a comparable store is
not open for the entirety of both periods, comparable store sales
measure the change in net sales for the portion of time that such
store was open in both periods. We believe that this measure
provides meaningful information on our performance and operating
results. However, readers should know that this financial measure
has no standardized meaning and may not be comparable to similar
measures presented by other companies.
About Birks Group Inc.
Birks Group is a leading designer of fine jewellery, timepieces
and gifts and operator of luxury jewellery stores in Canada. The
Company operates 29 stores, of which 26 stores operate under the
Maison Birks brand in most major metropolitan markets in Canada,
one retail location in Calgary under the Brinkhaus brand, one
retail location in Vancouver operated under the Graff brand and one
location in Vancouver under the Patek Philippe brand. Bijoux Birks
fine jewellery collections are also available through Mappin &
Webb and Goldsmiths locations in the United Kingdom in addition to
several jewellery retailers across North America. Birks was founded
in 1879 and has become Canada’s premier retailer and designer of
fine jewellery, timepieces and gifts. Additional information can be
found on Birks’ web site, www.birks.com.
Forward Looking Statements
This press release contains certain “forward-looking” statements
which can be identified by their use of words like “plans,”
“expects,” “believes,” “will,” “anticipates,” “intends,”
“projects,” “estimates,” “could,” “would,” “may,” “planned,”
“goal,” and other words of similar meaning. All statements that
address expectations, possibilities or projections about the
future, including without limitation, statements about our
strategies for growth, expansion plans, sources or adequacy of
capital, expenditures, store closings and openings, comparable
store sales, and financial results are forward-looking
statements.
Because such statements include various risks and uncertainties,
actual results might differ materially from those projected in the
forward-looking statements and no assurance can be given that the
Company will meet the results projected in the forward looking
statements. These risks and uncertainties include, but are not
limited to the following: (i) the magnitude and length of economic
disruption as a result of the worldwide COVID-19 outbreak,
including its impact on (a) macroeconomic conditions, generally,
(b) the results of operations and financial condition of the
Company, (c) the Company’s revenue as a result of store closures
and related measures to mitigate the financial impact of these
closures, including reducing operating expenses and extending
payment terms with various stakeholders, (d) capital investments in
technology, and (e) the trading price of its shares; (ii) economic,
political and market conditions, including the economies of Canada
and the U.S., which could adversely affect the Company’s business,
operating results or financial condition, including its revenue and
profitability, through the impact of changes in the real estate
markets, changes in the equity markets and decreases in consumer
confidence and the related changes in consumer spending patterns,
the impact on store traffic, tourism and sales; (iii) the impact of
fluctuations in foreign exchange rates, increases in commodity
prices and borrowing costs and their related impact on the
Company’s costs and expenses; (iv) changes in interest rates; (v)
the Company’s ability to maintain and obtain sufficient sources of
liquidity to fund its operations, to achieve planned sales, gross
margin and net income, to keep costs low, to implement its business
strategy, maintain relationships with its primary vendors, to
mitigate fluctuations in the availability and prices of the
Company’s merchandise, to compete with other jewelers, to succeed
in its marketing initiatives, and to have a successful customer
service program; (vi) the Company’s ability to continue to borrow
under its credit facilities, (vii) the Company’s ability to
maintain profitable operations, as well as maintain specified
excess availability levels under its credit facilities, make
scheduled payments of principal and interest, and fund capital
expenditures; (viii) the Company’s financial performance; (ix) the
Company’s ability to execute its strategic vision; (x) the
Company’s ability to continue as a going concern; and (xi) the
Company’s ability to achieve compliance with the NYSE American’s
continued listing standards within the required time frame.
Information concerning factors that could cause actual results to
differ materially is set forth under the captions “Risk Factors”
and “Operating and Financial Review and Prospects” and elsewhere in
the Company’s Annual Report on Form 20-F filed with the Securities
and Exchange Commission on July 8, 2020 and subsequent filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210114006043/en/
Company Contacts:
Katia Fontana Vice President and Chief Financial Officer (514)
397-2592
For all press and media inquiries, please contact:
OverCat Communications
Audrey Hyams Romoff, ahr@overcat.com, (647) 223-9970
Gillian DiCesare, gd@overcat.com, (647) 223-5590
Chelsea Brooks, cb@overcat.com, (289) 221-6006
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