Market Overview

This Jewelry Maker Was Up 800% Today

This Jewelry Maker Was Up 800% Today

Birks Group Inc (NYSE: BGI), a designer, maker and purveyor of prestige jewelry, timepieces and giftware, soared higher by 800 percent on Tuesday.

Shares of Birks Group opened for trading at $0.60 per share and climbed to an intra-day and 52-week high of $5.15 before selling off. By 2:10 p.m. ET the stock was trading at $2.90 per share - up 441 percent.

Birks Group reported financial results for its fiscal year ending March 26, 2016 on Tuesday.

Net sales for the fiscal year fell to $285.8 million from $301.6 million int he prior year. However, net sales were actually $4.4 million higher on a constant currency basis. Comparable store sales rose 3 percent during the fiscal year.

Gross profit for the year was $109.4 million, or 38.3 percent compared to $117.8 million or 39.1 percent of net sales a year ago. The company noted the reduction of 80 basis points is due to a chance in the product sales mix and the impact of foreign exchange.

Net income for the year totaled $5.4 million, which included a one-time asset sale as the company company realized a $3.2 million gain from the sale of its corporate sales division.

"Following a year of restructuring our Company's operations, the main factors that contributed to our success in fiscal 2016 included our continued dedication to enhancing customer experiences via our new store designs, the successful launch of our new collections and our creative marketing campaigns," said Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group. "We believe that the Company is positioning itself to meet a challenging retail environment and to continue to produce positive results in fiscal year 2017."


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