Small Cap Traders Initiates Coverage of Birks Group Brief Report: Birks Group Re-Locating U.S. Operations to Montreal
NEW YORK, Nov. 6, 2014 /PRNewswire/ -- Brief Analyst Report by Small Cap Traders. Birks Group Inc. (NYSEMKT: BGI) which operates 59 luxury jewelry stores across Canada, Florida and Georgia, recently announced that it is implementing a restructuring plan to reduce costs by relocating most of its corporate administrative workforce from its regional office in Tamarac, Fla., to its Montreal corporate head office. The announcement comes as the company released its fiscal 2014 results and first quarter of 2015 comparable store sales results. The 2014 data showed that comparable store sales increased by four percent, while reported net sales declined to $11.6 million, both compared to the previous year.
The transition and restructuring will take place between January and March 2015, she says. The move is part of a restructuring the company began in July. While the restructuring plan brings many positives for the company, it has brought on the resignation of vice president and chief financial officer Michael Rabinovitch. Effective October 27th, 2014 Mr. Rabinovitch surrendered his duties as CFO. This news brought on a bullish move of the share price, however this trend was short-lived.
In the first fiscal quarter of 2015, same-store sales increased an impressive 16 percent compared to the first quarter of 2014, with U.S comps jumping 21 percent and Canadian comps rising 11 percent. Overall sales for the quarter increased 5.9 percent to $74.2 million. The growth in U.S. comps was driven by higher average sales as well as the company's renewed focus on timepieces. Remodeled stores also delivered better sales. In Canada, the better sales were led by higher sales of Birks brand jewelry and new watch brands.
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