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Birks Group reports FY23 holiday period sales down 3.2% y/y

The company states: “Birks Group reported its sales results for the 9 week interim sales period ending January 1, 2023 resulting in a decrease of 3.2% in comparable store sales versus the remarkable FY2022 Holiday Period, during which the Company had recorded notable growth of 18.4% in comparable store sales. The FY2023 Holiday Period sales performance is equivalent to an increase in comparable store sales of 15.3% to the FY2020 Holiday Period, the most recent pre-COVID comparable period. The FY2023 Holiday Period sales performance was impacted by softer November results which we attribute to consumer prudence, as customers delayed purchases amidst an uncertain macroeconomic backdrop. This was partially offset by solid December results as the Company delivered growth in comparable store sales during the month, fueled by the performance of its Flagship stores. The December results were in large part derived from the positive performance of branded timepieces and branded jewelry, as client demand in the Canadian market remained strong for high-end luxury watches and jewelry. The 15.3% comparable store sales increase in FY2023 over the comparable period in FY2020 was a result of two elements: an increase in both the branded jewelry and branded timepieces categories resulting from the continuous improvement in third party brand portfolio mix and client offering, and an increase in average sales transaction value across all product categories.”

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