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Birks Sales, Profit Back on Track

November 23, 2021

RAPAPORT... Sales at Canada-based jewelry retailer Birks Group soared and the company returned to profitability in the first fiscal half as its store network continued to reopen after Covid-19 shutdowns.

Revenue jumped 48% year on year to CAD 84.6 million ($66.9 million) in the six months that ended September 25, the company reported last week. Sales slipped 0.8% compared to the same period of 2019. During the six months, approximately 17% of shopping days were lost due to temporary store lockdowns, versus 46% in the equivalent period of 2020. Same-store sales increased 59% year on year.

Profit came to CAD 1 million ($791,360), compared to a net loss of CAD 2.8 million ($2.2 million) a year earlier. This year’s figure also beat the CAD 4.6 million ($3.6 million) net loss the company reported in 2019.

“Our results are strong not only compared to fiscal 2021, but also compared to fiscal 2020, which was not impacted by Covid-19,” said Birks CEO Jean-Christophe Bédos. “The company is off to a positive start in fiscal 2022, with sales growth in all channels, including the continued expansion of our e-commerce channel and the momentum created in our Bijoux Birks wholesale business.”

Image: A Birks store in Canada. (Birks Group)

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