Birks Group (BGICF) Q4 2025 earnings summary

Executive summary

• FY2025 net sales fell 4.0% YoY to $177.8M; comparable store sales declined 3.4%, but rose 6.9% excluding the exit of a third-party jewelry brand from two stores.

• Net loss widened to $12.8M from $4.6M; reported operating loss included a $4.6M impairment tied to delayed ERP implementation.

Financial highlights

• Gross profit was $66.3M versus $73.6M; gross margin fell 240 bps to 37.3%, reflecting sales mix and a foreign-exchange loss.

• SG&A declined $6.2M YoY to $59.5M, or 33.5% of sales, with lower occupancy, marketing, compensation and general operating costs.

• Adjusted EBITDA was $9.2M versus $10.0M; reported operating loss was $5.5M versus operating income of $1.2M in FY2024.

• Net loss was $12.8M, or $0.66 per share, compared with $4.6M, or $0.24 per share, in FY2024.

Outlook and guidance

• Management expects two new stores opened under the Time Vallée and Birks brands, prior renovations, and the European Boutique watch and jewelry business acquisition to support sales and improve results.