Birks(BGI) - 2024 Q4 - Annual Report

Financial Performance - For the fiscal year ended March 30, 2024, total net sales were $185.3 million, representing a year-over-year increase of 13.7% from $163.0 million in fiscal 2023[6][8]. - Comparable store sales increased by 7.5% in fiscal 2024, driven primarily by strong sales of third-party branded timepieces and jewelry[6][8]. - Gross profit for fiscal 2024 was $73.6 million, or 39.7% of net sales, down from 41.7% in fiscal 2023, reflecting a decrease of 200 basis points due to a sales mix favoring high-end products[6][8]. - Selling, general and administrative (SG&A) expenses were $65.7 million, or 35.5% of net sales, a decrease from 40.6% in fiscal 2023, primarily due to lower marketing costs and stock-based compensation[8]. - The Company reported an operating income of $1.2 million for fiscal 2024, an increase of $5.0 million compared to an operating loss of $3.8 million in fiscal 2023[8][18]. - EBITDA for fiscal 2024 was $10.0 million, up from $3.8 million in fiscal 2023, indicating improved operational performance[8][12]. - The net loss for fiscal 2024 was $4.6 million, or $0.24 per share, an improvement from a net loss of $7.4 million, or $0.40 per share, in fiscal 2023[8][18]. Store Operations and Strategy - The Company undertook store renovation projects at Chinook and Laval, which contributed to higher sales post-opening[7]. - Birks Group continues to focus on enhancing customer experience and investing in product offerings despite economic challenges[7]. - The Company plans to evaluate store productivity and may close unproductive stores while investing in e-commerce and new retail locations[15]. Assets and Liabilities - Total assets increased to $203.268 billion as of March 30, 2024, up from $196.981 billion as of March 25, 2023, representing a growth of approximately 1.46%[20]. - Current assets rose to $112.218 billion, compared to $103.690 billion in the previous year, marking an increase of about 8.88%[20]. - Cash and cash equivalents increased to $1.783 billion from $1.262 billion, reflecting a growth of approximately 41.2%[20]. - Total current liabilities increased to $123.277 billion from $112.057 billion, an increase of about 10.0%[20]. - The current portion of long-term debt rose significantly to $4.352 billion from $2.133 billion, indicating an increase of approximately 104.0%[20]. - Stockholders' equity showed a deficiency of $(5.149) billion, worsening from $(603) million in the previous year[20]. - Accounts receivable decreased to $8.455 billion from $11.377 billion, a decline of approximately 25.4%[20]. - Inventories increased to $99.067 billion, up from $88.357 billion, representing a growth of about 12.9%[20]. - Long-term debt slightly increased to $22.587 billion from $22.180 billion, a rise of about 1.8%[20]. - The accumulated deficit widened to $(125.476) billion from $(120.845) billion, indicating a deterioration of approximately 3.3%[20].