MONTREAL–(Enterprise WIRE)–Birks Team Inc. (the “Company” or “Birks Group”) (NYSE American: BGI), claimed its sales outcomes for the 9 week interim gross sales time period ending December 25, 2021 (the “FY2022 Holiday getaway Period”) together with a 16.3% net revenue raise as in comparison to the similar period of time in FY2021 and a 17.2% web sales enhance as as opposed to the equivalent period of time in FY2020.
For the FY2022 Getaway Period of time, net income have been 16.3% greater than final calendar year, driven by a comparable store sales raise of 18.4%, largely as a final result of robust sales performances in the Bijoux Birks manufacturer product or service product sales and in the 3rd get together watches and jewellery categories. The 16.3% income expansion accomplished in the FY2022 Holiday Interval was also a end result of the Company’s retail community being entirely opened, as in comparison to the equivalent period of time in FY2021 in which 7 of the Company’s 29 retail destinations have been temporarily closed for in-particular person browsing due to government mandated COVID-19 closures.
Net gross sales during the FY2022 Holiday getaway Period of time represent a 17.2% improve in excess of the comparable period of time in FY2020, a time period unencumbered by COVID-19 limitations. This improve was pushed by product sales development in all groups and advertising channels, and demonstrates the on-likely success of the continued implementation of the Company’s strategic prepare which includes an enhanced merchandising approach and tailor-made marketing and advertising campaigns.
Mr. Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, commented: “Our sales teams have delivered exceptional benefits this getaway period such as sizeable profits growth in excess of final calendar year and more than the pre-COVID time period, an crucial accomplishment that is a testomony not only to our dedication and commitment to our customers, but also to the continued results of our strategic approach. We continue being focused on offering excellence in consumer service, raising our market share in the substantial-conclusion luxury observe and jewelry market place in Canada, and setting up on the accomplishment of our Bijoux Birks model. I am proud of the effects attained and would like to sincerely thank all our employees for their continued perseverance, commitment and creative imagination as we keep on to navigate as a result of the pandemic.”
On December 29, 2021, the Business also declared that it has renewed and amended its senior secured revolving credit rating facility (“Amended Credit Facility”) with Wells Fargo Cash Finance Corporation Canada and its senior secured term bank loan (“Amended Time period Loan”) with Crystal Fiscal LLC (dba SLR Credit score Solutions). The Amended Credit Facility and Amended Term Loan increase the maturity day of the Company’s existing financial loans from October 2022 to December 2026. The renewals involve improvements on specified important terms and ailments, which positively affect the Company’s liquidity situation.
Equivalent Retail outlet Sales
We use equivalent keep revenue as a critical general performance measure for our organization. Comparable retail store sales consist of merchants open up in the very same period of time in the two the existing and prior period of time. We contain e-commerce revenue in our comparable store product sales calculations. Outlets enter the equivalent keep calculation in their thirteenth entire month of operation underneath our possession. Merchants that have been resized or relocated are evaluated on a case-by-case basis to identify if they are functionally the very same retail store or a new retailer and then are bundled or excluded from equivalent retail store sales, appropriately. Equivalent retail outlet profits evaluate the share transform in web profits for comparable outlets in a time period in comparison to the corresponding period in the former yr. If a similar retail outlet is not open up for the entirety of both equally durations, similar keep profits measure the change in net revenue for the portion of time that these kinds of retail outlet was open up in both intervals. We think that this evaluate supplies meaningful information and facts on our effectiveness and running results. Nevertheless, visitors really should know that this economical evaluate has no standardized that means and might not be comparable to related measures presented by other firms.
About Birks Group Inc.
Birks Team is a primary designer of wonderful jewellery, timepieces and presents and operator of luxury jewellery suppliers in Canada. The Corporation operates 25 merchants less than the Maison Birks manufacturer in most key metropolitan markets in Canada, one retail location in Calgary less than the Brinkhaus brand, a person retail area in Vancouver operated underneath the Graff manufacturer and one retail location in Vancouver below the Patek Philippe brand name. The Bijoux Birks manufacturer fine jewelry collections are also obtainable by means of select SAKS Fifth Avenue stores in Canada and the U.S., decide on Mappin & Webb and Goldsmiths destinations in the United Kingdom, in Mayors outlets in the United States as perfectly as many jewelry vendors across North America. Birks was established in 1879 and has turn out to be Canada’s premier retailer and designer of great jewellery, timepieces and presents. Added information and facts can be located on Birks’ net website, www.birks.com.
Forward On the lookout Statements
This push release is made up of forward- looking statements which can be identified by their use of words like “plans,” “expects,” “believes,” “will,” “anticipates,” “intends,” “projects,” “estimates,” “could,” “would,” “may,” “planned,” “goal,” and other text of very similar meaning. All statements that handle expectations, prospects or projections about the future, which includes with out limitation, statements about our tactics for expansion, enlargement programs, sources or adequacy of capital, expenses and money results are ahead-looking statements.
Since these types of statements contain numerous threats and uncertainties, true success might vary materially from individuals projected in the ahead- seeking statements and no assurance can be given that the Enterprise will satisfy the success projected in the ahead-wanting statements. These dangers and uncertainties involve, but are not limited to the next: (i) the magnitude and size of financial disruption as a end result of the around the globe COVID-19 outbreak, including its effect on macroeconomic problems, usually, as properly as its effects on the benefits of operations and fiscal issue of the Company and the buying and selling price of the shares (ii) financial, political and sector situations, such as the economies of Canada, and the U.S., which could adversely have an affect on our enterprise, operating benefits or financial affliction, like our revenue and profitability, through the influence of modifications in the genuine estate marketplaces, improvements in the equity marketplaces and decreases in client assurance and the associated adjustments in shopper paying out designs, the influence on retailer site visitors, tourism and product sales (iii) the affect of fluctuations in overseas exchange costs, boosts in commodity rates and borrowing charges and their connected impression on the Company’s costs and costs (iv) improvements in desire premiums (v) the Company’s ability to maintain and get enough resources of liquidity to fund its functions, to achieve planned gross sales, gross margin and internet money, to keep charges lower, to put into action its business strategy, keep associations with its key suppliers, to mitigate fluctuations in the availability and rates of the Company’s items, to compete with other jewelers, to be successful in its advertising and marketing initiatives, and to have a productive client provider plan (vi) the Company’s ability to go on to borrow under the Amended Credit Facility and Amended Phrase Bank loan, (vii) the Company’s means to sustain financially rewarding operations, as well as maintain specified surplus availability concentrations underneath the Amended Credit history Facility, make scheduled payments of principal and desire, and fund funds expenditures (viii) the Company’s means to execute its strategic eyesight and (ix) the Company’s ability to keep on as a likely concern.
Data about things that could cause precise results to vary materially is established forth under the captions “Risk Factors” and “Operating and Financial Evaluate and Prospects” and in other places in the Company’s Yearly Report on Sort 20-F submitted with the Securities and Trade Commission on June 17, 2021 and subsequent filings with the Securities and Exchange Fee. The Organization undertakes no obligation to update or release any revisions to these forward-searching statements to mirror functions or circumstances after the day of this statement or to mirror the incidence of unanticipated gatherings, besides as needed by legislation.