Welcome to our dedicated page for Birks Group news (Ticker: BGI), a resource for investors and traders seeking the latest updates and insights on Birks Group stock.
Birks Group Inc. (BGI) is a designer of fine jewellery and an operator of luxury jewellery, timepieces and gifts retail stores in Canada. The Birks Group news feed on Stock Titan aggregates company press releases and other coverage so investors can review how the business is evolving across its retail, wholesale and e‑commerce activities.
Recent company news has focused on financial performance, with detailed updates on net sales, comparable store sales, gross profit and non‑GAAP measures such as EBITDA and Adjusted EBITDA for both interim periods and full fiscal years. These releases explain how factors like movements in third‑party branded jewellery, performance of third‑party branded timepieces, store renovations and store openings have influenced results.
Corporate development news includes announcements about the acquisition of the luxury watch and jewellery business of European Boutique, related financing arrangements, and updates on strategic transactions the company is evaluating. Birks has also reported on leadership changes, including the departure of a long‑serving President and CEO and the appointment of an interim CEO and interim President and Chief Operating Officer.
Governance and capital markets updates appear in the news flow as well, such as notices regarding NYSE American continued listing compliance, acceptance of a compliance plan, and recommendations and approvals related to the appointment of new independent auditors. Together, these items help investors track how Birks Group manages its listing status, audit oversight and broader corporate governance.
By following the BGI news page, readers can review a chronological record of Birks Group’s financial disclosures, strategic actions, leadership changes and exchange communications, all of which provide context for analyzing the company’s stock and operations over time.
Birks Group Inc. (BGI) reported a strong performance for the FY2022 Holiday Period, achieving net sales growth of 16.3% compared to last year, driven by an 18.4% increase in comparable store sales. This growth was attributed to strong sales in the Bijoux Birks and third-party watch and jewelry categories, with all retail locations operational compared to prior closures. The company also renewed its credit facilities, extending maturity dates to December 2026, which bolsters liquidity. Overall, these results reflect the success of Birks' strategic initiatives and ongoing market share growth in Canada.
Birks Group Inc. (BGI) has renewed its senior secured credit facilities with improved terms, enhancing its liquidity position. The amended revolving credit facility with Wells Fargo and term loan with SLR extend maturity to December 2026. The revolving facility retains an $85 million commitment and a $5 million accordion, while the term loan of $12.5 million sees a 50 basis point interest reduction. These financial arrangements aim to support the company's strategic growth and operational execution over the next five years.
Birks Group reported strong financial results for the twenty-six week period ended September 25, 2021, achieving net sales of $84.6 million, a 48.4% increase year-over-year. Gross profit rose to $34.9 million, representing 41.2% of net sales, an improvement of 110 basis points from the prior year. EBITDA increased by $4.6 million to $6.0 million, with a return to profitability, netting $1.0 million compared to a $2.8 million loss in 2020. The company faced 17% of shopping days lost to lockdowns, significantly less than the previous year's 46%.
Birks Group Inc. (NYSE American: BGI) announced that all 29 of its Canadian retail stores are now open for in-person shopping as of June 30, 2021, following COVID-19 regulations. The company re-opened its nine mall stores in Ontario after a long closure, operating at 25% capacity. However, Birks Group received notice from NYSE American regarding non-compliance with continued listing standards due to low stockholder equity and prolonged losses. Despite this, the company can regain compliance under a previously approved plan, with no immediate impact on operations or financial conditions.
Birks Group reported its fiscal 2021 financial results, revealing net sales of $143.1 million, down 15.5% from $169.4 million in fiscal 2020 due to COVID-19 impacts. Gross profit decreased by 12.6% to $56.4 million, but gross profit margin improved to 39.4%. The company achieved EBITDA of $2.6 million, significantly better than the previous year's negative EBITDA. Operating loss from continuing operations improved to $2.8 million from $6.5 million in fiscal 2020. Net loss for fiscal 2021 was $5.8 million ($0.32 per share), improving from a $12.8 million loss in fiscal 2020.
Birks Group reported a 0.2% decline in net sales for the FY2021 Holiday Period, attributed to a 1.8% drop in comparable store sales. Temporary store closures due to COVID-19 affected seven of its 29 locations, including the flagship store in Toronto. However, when excluding closed stores, comparable sales rose by 6.8%. E-commerce sales surged by 176% during this period. CEO Jean-Christophe Bédos emphasized the company's adaptability to market changes through enhanced e-commerce and concierge services, while noting continued closures in Quebec and Ontario due to health restrictions.
Birks Group provides a business update regarding store operations in light of COVID-19 restrictions. As of December 23, 2020, 22 out of 29 stores are open, but several locations in Ontario and Quebec are temporarily closed for in-person shopping due to government mandates. The company anticipates a revenue decline in January 2021 because of these closures and is taking measures to mitigate financial impacts by reducing operating expenses and extending payment terms. Curbside pickup and virtual appointments are available to maintain client engagement.