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Quebec, Canada--Birks Group reported a 13.7% year-over-year increase in sales for the fiscal year ending March 30, 2024, driven by high demand for watches and jewelry.

Per a report in Digital Commerce, the company's net sales reached $185.3 million CAD, and its gross profit was $73.6 million CAD. Despite this, Birks Group recorded a net loss of $4.6 million CAD, an improvement from the previous year's $7.4 million CAD loss.

For fiscal 2024, Birks Group noted a 7.5% increase in comparable store sales and an 8.2% improvement in gross profit, with the company achieving a positive operating income. The company's earnings before taxes, interest, and depreciation (EBITDA) rose to $10 million CAD from $3.8 million CAD the previous year. Operating income also improved to $1.2 million CAD from a $3.8 million CAD loss in fiscal 2023.

Selling, general, and administrative expenses for fiscal 2024 were $65.7 million CAD, down from $66.1 million CAD in fiscal 2023. The decrease resulted from reduced marketing costs and lower non-cash stock-based compensation expenses.

Birks plans to evaluate store productivity, close underperforming locations, open new ones in prime retail areas, and invest in its website and e-commerce platform.

Learn more in this report by Digital Commerce.