Birks Notes Surge in Revenue for 2021

RAPAPORT... Canada-based jewelry retailer Birks Group saw sales rise for the full fiscal year amid an improvement in the health situation and a decrease in discounting on its products.Revenue jumped 27% to CAD 181.3 million ($141.2 million) in the 12 months ending March 26, the company reported recently. Comparable-store sales - at branches open for more than a year - climbed 33%. The growth is attributable to a favorable comparison with last year, when the pandemic led to the closure of all the company's locations during the first quarter as well as periods throughout the year. Strong sales of branded and bridal jewelry also bolstered revenue, Birks noted.The increase comes even as the jeweler lost approximately 7% of total shopping days to temporary store closures during fiscal 2022.The company recorded a profit of CAD 1.3 million ($1 million) for the year, compared with a loss of CAD 5.8 million ($4.5 million) the previous year. In addition to the reopening of most of its store network, the improvement was driven by the introduction of new product lines and a reduction in discounting on the company's jewelry, it explained."In fiscal 2022, Birks has shifted from recovering from the impacts of Covid-19 to growing beyond pre-pandemic levels, as our results are strong not only compared to fiscal 2021 but also compared to fiscal 2020," said Birks CEO Jean-Christophe B?(C)dos. "I believe that the company today is in a stronger position to achieve its long-term objectives, and I am confident in our potential to achieve meaningful growth."Image: A Birks store in Canada. (Birks Group)