Birks Group Inc. (NYSE American: BGI) Reports Impressive 8.1% Surge in Holiday Net Sales

Birks Group Inc. (NYSE American: BGI) Reports Impressive 8.1% Surge in Holiday Net Sales

Canadian luxury jewelry retailer, Birks Group Inc., has announced a notable 8.1% increase in net sales for the eight-week holiday period concluding on December 30, 2023, compared to the corresponding period in the previous fiscal year. The company also disclosed a commendable 3% rise in comparable store sales during the same timeframe.

The significant sales growth is attributed to the robust performance of third-party branded watches and the success of recently renovated stores in Chinook and Laval. Furthermore, the expansion of e-commerce sales has contributed to the overall positive results. Birks Group emphasized that the increase in comparable store sales was driven by both branded watches and Birks Fine Jewellery.

Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, commended the sales teams for their exceptional results during the holiday season. He underscored the company’s commitment to customer service and its strategic focus on growth in the high-end luxury watch and jewelry market in Canada. Bédos expressed gratitude towards employees for their perseverance and dedication.

Birks Group utilizes comparable store sales as a key performance metric, encompassing e-commerce sales and factoring in stores open during the same period for both the current and prior year. The measurement excludes stores that have not been operational for the entirety of both periods or those that have been resized or relocated, depending on functional similarity.

The company, operating 21 stores under the Maison Birks brand across major Canadian metropolitan areas and additional locations under various luxury brands, also distributes its fine jewelry collections through select retailers in Canada, the United States, the United Kingdom, and Poland.

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