0001193125-15-383312.txt : 20151120 0001193125-15-383312.hdr.sgml : 20151120 20151120124153 ACCESSION NUMBER: 0001193125-15-383312 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151120 FILED AS OF DATE: 20151120 DATE AS OF CHANGE: 20151120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIRKS GROUP INC. CENTRAL INDEX KEY: 0001179821 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-JEWELRY STORES [5944] IRS NUMBER: 000000000 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32635 FILM NUMBER: 151245787 BUSINESS ADDRESS: STREET 1: 1240 SQUARE PHILLIPS CITY: MONTREAL STATE: A8 ZIP: H3B 3H4 BUSINESS PHONE: 514-397-2592 MAIL ADDRESS: STREET 1: 1240 SQUARE PHILLIPS CITY: MONTREAL STATE: A8 ZIP: H3B 3H4 FORMER COMPANY: FORMER CONFORMED NAME: Birks Group Inc. DATE OF NAME CHANGE: 20131003 FORMER COMPANY: FORMER CONFORMED NAME: BIRKS & MAYORS INC. DATE OF NAME CHANGE: 20051115 FORMER COMPANY: FORMER CONFORMED NAME: HENRY BIRKS & SONS INC DATE OF NAME CHANGE: 20020809 6-K 1 d45247d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November, 2015

Commission file number: 001-32635

 

 

BIRKS GROUP INC.

(Translation of Registrant’s name into English)

 

 

1240 Phillips Square

Montreal Québec

Canada

H3B 3H4

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

x  Form 20-F            ¨  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(1):   
¨

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule
101(b)(7):   
¨

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 


CONTENTS

The following document of the Registrant is submitted herewith:

 

    99.1    Press release dated November 20, 2015


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    BIRKS GROUP INC.
    (Registrant)
    By:  

/s/ Pasquale (Pat) Di Lillo

      Pasquale (Pat) Di Lillo

Date: November 20, 2015

      Vice President, Chief Financial and Administrative Officer


EXHIBIT INDEX

 

Exhibit

Number

  

Description

Exhibit 99.1    Press release dated November 20, 2015
EX-99.1 2 d45247dex991.htm PRESS RELEASE Press Release

EXHIBIT 99.1

 

 

LOGO

 

     

Company Contact:

Mr. Pasquale (Pat) Di Lillo

Vice President, Chief Financial and Administrative Officer

(514) 397-2592

BIRKS GROUP REALIZED AN OVERALL INCREASE OF 3% IN COMPARABLE STORE SALES FOR ITS MID-YEAR FINANCIAL RESULTS WITH A STRONG 10% INCREASE IN CANADA

Montreal, Quebec. November 20, 2015- Birks Group Inc. (the “Company” or “Birks Group”) (NYSE MKT:BGI), which operates 48 luxury jewelry stores across Canada, Florida and Georgia, reported its financial results for the twenty-six week period ended September 26, 2015.

Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, commented: “We are extremely pleased with our performance during the first half of the fiscal year. We believe our strategies which we began implementing during the prior fiscal year are delivering strong sales growth and are providing the Company with significant momentum as we head into the holiday period.”

For the 26 Weeks Ended September 26, 2015 compared to the 26 Weeks Ended September 27, 2014:

 

    Consolidated comparable store sales were up 3% overall as compared to the prior fiscal year;

 

    In local currency, Canada was up 10% for comparable store sales and the US was down 2% due to a strong US$ that impacted our tourist business, however the domestic business remains strong;

 

    Net sales were $4.5 million higher than the comparable period last year excluding the $10.2 million adjustment attributable to translating the Company’s Canadian sales into U.S. dollars. Net sales were $134.0 million, a decrease of $5.7 million from the twenty-six week period ended September 27, 2014, mainly due to unfavorable foreign exchange;

 

    Gross profit increased by $0.5 million compared to the comparable period last year excluding $4.3 million of lower gross profit resulting from the impact of translating the gross profit of the Canadian operations to U.S. dollars. Gross profit was $51.6 million, or 38.5% of net sales, during the twenty-six week period ended September 26, 2015 compared to $55.4 million, or 39.6% of net sales, during the comparable period last year. The 110 basis point gross margin rate decrease was primarily attributable to foreign exchange and product sales mix;


    Operating income for the period increased by $3.4 million to $6.1 million compared to $2.7 million in the prior fiscal year period due to the gain on sale of assets of the Company’s corporate sales division; and

 

    The net income for the 26 week period was $0.8 million, or $0.05 per share, compared to a net loss of $4.0 million, or $0.22 per share, in the prior fiscal year period.

Birks Group is a leading operator of luxury jewelry stores in Canada and in the United States. As of November 20, 2015, we operated 28 stores under the Birks brand in most major metropolitan markets of Canada, 17 stores in the Southeastern U.S. under the Mayors brand, one store under the Rolex brand name and two retail locations in Calgary and Vancouver under the Brinkhaus brand. Birks was founded in 1879 and developed over the years into Canada’s premier retailer, designer and manufacturer of fine jewelry, timepieces, sterling and plated silverware and gifts. Mayors was founded in 1910 and has maintained the intimacy of a family-owned boutique while becoming renowned for its fine jewelry, timepieces, giftware and service. Additional information can be found on Birks Group web site, www.birksgroup.com.

Forward Looking Statements

This press release contains certain “forward-looking” statements concerning the Company’s performance and strategies, including that its strategies are delivering strong sales growth and are providing the Company with significant momentum as it heads into the holiday period. . Because such statements include various risks and uncertainties, actual results might differ materially from those projected in the forward-looking statements and no assurance can be given that we will meet the results projected in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: (i) economic, political and market conditions, including the economies of the U.S. and Canada, 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 (especially in the state of Florida), 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; (ii) 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; and (iii) 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. Information concerning factors that could cause actual results to differ materially are set forth in our Annual Report on Form 20-F filed with the Securities and Exchange Commission on June 26, 2015 and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.

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