CaratBirks trims the loss by 73 percent: a repair year in Montreal
Canada's jeweler of record cut its annual net loss to CAD 3.4 million from CAD 12.8 million, on sales of CAD 205.4 million, up 15.5%, with comparable-store sales up 2.6%. A new mono-brand store lands in Vancouver this fall.
Birks Group's fiscal 2026 is what a repair year looks like when it works: still red, but three-quarters less of it. The Montreal jeweler posted a net loss of CAD 3.4 million ($2.4 million) for the year ended March 28, against CAD 12.8 million ($9.1 million) a year earlier, a 73% reduction.
A 73% smaller loss is direction, not destination; CAD 3.4 million of red ink on CAD 205 million of sales means the model is one strong quarter from working and one weak one from doubling the deficit again. The comp number is the honest one, and 2.6% in this gold market is modest.
The Oakridge store is the bet to watch: house-brand mono-retail is where the margin is, and Birks has the name to try it.
| Figure | |
|---|---|
| Fy2025 Net Loss | 12.8 |
| Fy2026 Net Loss | 3.4 |
IRed, but three-quarters less
Sales rose 15.5% to CAD 205.4 million ($145.7 million), and comparable-store sales, the number that strips out acquisitions and flatters no one, gained 2.6%.
IIOne engine bought, one built
The growth has two engines, one bought and one built. The acquisition of European Boutique added scale, while Birks-branded jewelry, the house's own gold-and-diamond lines, grew organically alongside third-party jewelry sales.
Interim CEO Niccolò Rossi di Montelera said retail performance "outperformed over the prior year due to the strategic acquisition of European Boutique", crediting organic growth in the house brand alongside it.
The offset was third-party watches, which declined after a brand exited one of the company's stores, a reminder of how much Canadian luxury retail rides on distribution agreements it does not control.
The next move is expansion of the house's own name: a Birks mono-brand store opens this fall in Vancouver's Oakridge mall. For a 147-year-old company that has spent recent years as a multi-brand showcase, putting fresh capital into a store that sells only Birks is a quiet statement about where management believes the margin lives.
IIIThe backdrop cuts both ways
The macro backdrop cuts both ways. Gold jewelry, a growing share of what Birks sells under its own name, has been the category of the year everywhere bullion has run.
But the company reports in a country that just became the target of a 50% American tariff on jewelry and polished diamonds; Birks' retail is domestic, so the direct exposure is limited, yet the trade war now reshaping its home market's currency and cross-border shopping patterns is nobody's friend.
01Method · the desk’s arithmetic+
A 73% reduction in the annual deficit, on sales up 15.5%
Up 8.6%, in fewer boxes: America's half-year at the jewelry counter
The American half-year Birks is selling into: more dollars, fewer boxes
The trade, filed before the New York open.
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