Birks Group Reports 3%-Increase in Q1 Comparable Store Sales

(IDEX Online News) – Jewelry chain the Birks Group Inc. announced a 3-percent increase in comparable store sales for the first quarter of fiscal 2016, ended June 27. This increase was made up of a 6-percent rise in sales in Canada and a 1-percent rise in US stores.

The company said sales growth in both markets was related to sustained increase in average sales transactions for timepieces, as well as fine jewelry sales in Canada.

Total consolidated net sales for the first quarter of fiscal 2016 decreased by 3.8 percent, or $2.8 million, to $71.4 million, compared to $74.3 million during the first quarter of fiscal 2015.

Birks said the decrease was mainly the result of the further weakening of the Canadian dollar.

“We delivered a solid first quarter of comparable store sales growth, notwithstanding the unfavorable foreign exchange impact on net sales due to the weakening of the Canadian dollar and the stronger US dollar,” said Birks Group president and CEO Jean-Christophe Bédos.

“We remain confident that the continuing execution of our key strategies will enable us to continue the strong sales performance through the remainder of the fiscal year,” he added.