Birks Group Reports FY2022 Holiday Period Sales Results

Key Facts

• MONTREAL--(BUSINESS WIRE)--Birks Group Inc. (the “Company” or “Birks Group”) (NYSE American: BGI), reported its sales results for the 9 week interim sales period ending December 25, 2021 (the “FY2022 Holiday Period”) including a 16.3% net sales increase as compared to the comparable period in FY2021 and a 17.2% net sales increase as compared to the comparable period in FY2020.
• For the FY2022 Holiday Period, net sales were 16.3% greater than last year, driven by a comparable store sales increase of 18.4%, primarily as a result of strong sales performances in the Bijoux Birks brand product sales and in the third party watches and jewellery categories.
• The 16.3% sales growth achieved in the FY2022 Holiday Period was also a result of the Company’s retail network being fully opened, as compared to the comparable period in FY2021 in which seven of the Company’s 29 retail locations were temporarily closed for in-person shopping due to government mandated COVID-19 closures.
• These risks and uncertainties include, but are not limited to the following: (i) the magnitude and length of economic disruption as a result of the worldwide COVID-19 outbreak, including its impact on macroeconomic conditions, generally, as well as its impact on the results of operations and financial condition of the Company and the trading price of the shares; (ii) economic, political and market conditions, including the economies of Canada, and the U.S., which could adversely affect our business, operating results or financial condition, including our revenue and profitability, through the impact of changes in the real estate markets, changes in the equity markets and decreases in consumer confidence and the related changes in consumer spending patterns, the impact on store traffic, tourism and sales; (iii) the impact of fluctuations in foreign exchange rates, increases in commodity prices and borrowing costs and their related impact on the Company’s costs and expenses; (iv) changes in interest rates; (v) the Company’s ability to maintain and obtain sufficient sources of liquidity to fund its operations, to achieve planned sales, gross margin and net income, to keep costs low, to implement its business strategy, maintain relationships with its primary vendors, to mitigate fluctuations in the availability and prices of the Company’s merchandise, to compete with other jewelers, to succeed in its marketing initiatives, and to have a successful customer service program; (vi) the Company’s ability to continue to borrow under the Amended Credit Facility and Amended Term Loan, (vii) the Company’s ability to maintain profitable operations, as well as maintain specified excess availability levels under the Amended Credit Facility, make scheduled payments of principal and interest, and fund capital expenditures; (viii) the Company’s ability to execute its strategic vision; and (ix) the Company’s ability to continue as a going concern.

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