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Birks Group: Net Holiday Sales Increased 16.3% YOY January 12, 2022 (0 comments)


Montreal, QC—Birks Group Inc. (NYSE: BGI) reported a 16.3% net sales increase for the nine-week period ending December 25, 2021 as compared to 2020, and a 17.2% increase as compared to the comparable period in 2019. The store counts those periods as fiscal years 2022, 2021, and 2020, respectively.  

For the FY2022 (calendar year 2021) holiday period, the 16.3% year-on-year gain in net sales was driven by a comparable store sales increase of 18.4%, including e-commerce sales. The increases were primarily a result of strong sales performances in the Bijoux Birks brand product sales and in the third-party watches and jewelry categories. 

The gain was also a result of the Company's retail network being fully opened, as compared to the comparable period in FY2021 (calendar year 2020) in which seven of the Company's 29 retail locations were temporarily closed for in-person shopping due to government mandated COVID-19 closures. 

Net sales during the FY2022 Holiday Period represent a 17.2% increase over the comparable period in FY2020 (calendar year 2019), a period unencumbered by COVID-19 restrictions. This increase was driven by sales growth in all categories and selling channels, and demonstrates the on-going success of the continued implementation of the Company's strategic plan including an improved merchandising strategy and tailored marketing campaigns.

Related: Birks Sells Mayor’s

Jean-Christophe Bédos, president and CEO of Birks Group, commented, "Our sales teams have delivered remarkable results this holiday period including significant sales growth over last year and over the pre-COVID period, an important achievement that is a testament not only to our determination and commitment to our customers, but also to the continued success of our strategic plan.

“We remain focused on delivering excellence in customer service, increasing our market share in the high-end luxury watch and jewelry market in Canada, and building on the success of our Bijoux Birks Brand. I am proud of the results achieved and would like to sincerely thank all our employees for their continued perseverance, dedication and creativity as we continue to navigate through the pandemic."

On December 29, 2021, the Company also announced that it has renewed and amended its senior secured revolving credit facility ("Amended Credit Facility") with Wells Fargo Capital Finance Corporation Canada and its senior secured term loan ("Amended Term Loan") with Crystal Financial LLC (dba SLR Credit Solutions). The Amended Credit Facility and Amended Term Loan extend the maturity date of the Company's existing loans from October 2022 to December 2026. The renewals include improvements on certain key terms and conditions, which positively impact the Company's liquidity position.

Birks Group is a leading designer of fine jewelry, timepieces, and gifts and operator of luxury jewelry stores in Canada. It operates 25 stores 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 retail location in Vancouver under the Patek Philippe brand. The Bijoux Birks brand fine jewelry collections are also available through select Saks Fifth Avenue stores in Canada and the United States, select Mappin & Webb and Goldsmiths locations in the United Kingdom and Mayors stores in the United States under a five-year agreement, as well as several [independent] jewelry retailers across North America. 

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