Birks Group Inc. Reports Sales Results for the Period from November 3, 2013 to December 28, 2013 and Third Quarter of Fiscal 2014
For the third quarter of fiscal 2014, total revenues decreased 6.8% or $6.9 million, to $94.5 million, as compared to $101.4 million during the same period last year. The decrease in total revenues is primarily attributable to five fewer store locations, lower revenues related to precious metal refining services offered to customers in Canada and $3.1 million of lower reported sales due to currency translation. Comparable store sales for the third quarter remained level with the previous year as a 2% increase in comparable store sales in the U.S. was offset by a 2% decline in comparable store sales in Canada. The increase in the U.S. reflected an increase in average sale while in Canada, lower traffic resulted in a decline in comparable store sales. Overall performance in Canada during the third quarter of fiscal 2014 was negatively affected by early winter storms in December in combination with a highly promotional retail environment.