EBITDA
(in thousands)
|
|
|
|
|
|
|
|
|
| |
|
For the fiscal year ended |
|
| |
|
March 30, 2024 |
|
|
March 25, 2023 |
|
| Net (loss) income (U.S. GAAP measure) |
|
$ |
(4,631 |
) |
|
$ |
(7,432 |
) |
| as a % of net sales |
|
|
-2.5 |
% |
|
|
-4.6 |
% |
| Add the impact of: |
|
|
|
|
|
|
|
|
| Interest expense and other financing costs |
|
|
8,007 |
|
|
|
5,581 |
|
| Depreciation and amortization |
|
|
6,639 |
|
|
|
5,673 |
|
|
|
|
|
|
|
|
|
|
| EBITDA (non-GAAP measure) |
|
$ |
10,015 |
|
|
$ |
3,822 |
|
|
|
|
|
|
|
|
|
|
| as a % of net sales |
|
|
5.4 |
% |
|
|
2.3 |
% |
Forward Looking Statements
This press release contains 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 anticipated economic conditions, generation of shareholder value, and our strategies for growth,
performance drivers, expansion plans, sources or adequacy of capital, expenditures 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) a decline in consumer spending or deterioration in consumer financial position; (ii) economic, political and market conditions, including the
economies of Canada and the U.S. and the influence of inflation on consumer spending, 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) 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 source raw materials, to mitigate fluctuations in the availability and
prices of the Company’s merchandise, to compete with other jewelers, to succeed in its marketing initiatives (including with respect to Birks branded products), and to have a successful customer service program; (v) the Company’s plan
to evaluate the productivity of existing stores, close unproductive stores and open new stores in new prime retail locations, and invest in its website and e-commerce platform; (vi) the Company’s
ability to execute its strategic vision; and (vii) the Company’s ability to invest in and finance capital expenditures.
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 16, 2024 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.