Canadian jewelry company Birks Group Inc. said Tuesday that its net sales for fiscal 2024 rose 13.7 percent to $185.3 million, driven by strong performance in the company’s retail channels.
The Montreal-based company said retail sales were $20.4 million higher than fiscal 2023, primarily due to strong performance from third-party branded watches and jewelry across its retail network, including the newly renovated Chinook and Laval stores. The company said the gains were partially offset by lower Birks brand sales.
Year-over-year comparable store sales increased 7.5%, driven by strong third-party watch sales and increased average sales transaction value, partially offset by lower sales of Birks brand products.
The company reported a net loss in fiscal 2024 of $4.6 million, or $0.24 per share, compared to a net loss in fiscal 2023 of $7.4 million, or $0.40 per share.
“Our retail performance and product offerings, particularly our third-party watch and jewellery offerings, have proven their strength by outperforming the same period last year,” said Jean-Christophe Bedos, Chairman and CEO of Birks Group.
“We are pleased with the store renovation projects implemented last year at our Chinook and Laval stores, which resulted in increased post-opening sales. We have made progress toward our strategic initiatives in fiscal 2024, and we continue to invest in our product offerings and improve our customer experience.”
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