Birks Group Inc. (the “Company” or “Birks Group”) (NYSE MKT:BGI) today
issued a clarification statement in response to recent information
published in a National Post article released on July 10, 2014 in which
it is mentioned that the Company plans a “U.S. expansion” with
“Birks-branded boutique storefronts.”
The Company wishes to clarify that there are no official plans in place
to open Birks-branded boutiques in the U.S. market within the next few
years; although it is accurate to say that the Birks jewelry brand is
currently available at Mayors retail stores in the states of Florida and
Georgia, which form part of Birks Group. Any implication that the
expansion plan referred to in the National Post article is incorporated
into the Company's internal financial projections was not intended and
is erroneous.
About Birks Group
Birks Group is a leading operator of luxury jewelry stores in the United
States and Canada. As of June 30, 2014, Birks Group operated 30 stores
under the Maison Birks brand in most major metropolitan markets of
Canada (signage reflecting this new trade name will be changed at the
Company’s current retail stores over time while signage at the Company’s
new stores already reflects this change), 18 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.
Maison 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 expansion into the U.S. Because such statements
include various risks and uncertainties, actual results might differ
materially from those 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 July 3, 2013 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.
Copyright Business Wire 2014