# EDGAR Filing Document

**Accession Number:** 0001179821
**File Stem:** 0001193125-25-165536
**Filing Date:** 2025-7
**Character Count:** 21359
**Document Hash:** 3bf87e25975c259efd18484d5491c677
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-165536.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001193125-25-165536

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250725

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIRKS GROUP INC.
- **CENTRAL INDEX KEY:** 0001179821
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-JEWELRY STORES [5944]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 0330

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32635
- **FILM NUMBER:** 251152412

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 ROBERT BOURASSA
- **STREET 2:** SUITE 200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2A5
- **BUSINESS PHONE:** 514-397-2592

**MAIL ADDRESS:**
- **STREET 1:** 2020 ROBERT BOURASSA
- **STREET 2:** SUITE 200
- **CITY:** MONTREAL
- **STATE:** A8
- **ZIP:** H3A 2A5

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Birks Group Inc.
- **DATE OF NAME CHANGE:** 20131003

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIRKS & MAYORS INC.
- **DATE OF NAME CHANGE:** 20051115

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HENRY BIRKS & SONS INC
- **DATE OF NAME CHANGE:** 20020809

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 or 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of July, 2025** 

**Commission file number: 001-32635** 

## BIRKS GROUP INC.
**(Translation of Registrant's name into English)** 

**2020 Robert Bourassa** 

**Suite 200** 

**Montreal, Québec** 

**Canada** 

**H3A 2A5** 

**(Address of principal executive office)** 

**Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.** 

☒ Form 20-F ☐ Form 40-F

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**CONTENTS** 

The following documents of the Registrant are submitted herewith:

99.1. [Press release dated July 25, 2025](d905937dex991.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | <u>BIRKS GROUP INC.</u> | <u>BIRKS GROUP INC.</u> |
|  | (Registrant) | (Registrant) |
|  | By: | /s/ Katia Fontana |
| Date: July 25, 2025 |  | *Vice President and Chief Financial Officer* |

---

## Exhibit 99.1

**EXHIBIT 99.1**![LOGO](g905937g0724072525634.jpg)

**Company Contact:**<br> Katia Fontana<br> Vice President and Chief Financial Officer<br> (514) 397-2592<br>**For all press and media inquiries,**<br> **please contact:**<br> Press@birks.com<br>

**BIRKS GROUP INC. REPORTS FISCAL 2025 RESULTS** 

***Montreal, Quebec. July 25, 2025 -*** Birks Group Inc. (the "Company" or "Birks Group") (NYSE American: BGI), today reported its financial results for the fiscal year ended March 29, 2025.

**Highlights** 

*All figures presented herein are in Canadian dollars.* 

For the fiscal year ended March 29, 2025 ("fiscal 2025"), the Company reported net sales of $177.8 million, a decrease of $7.5 million or 4.0%, from the comparable fiscal year ended March 30, 2024 ("fiscal 2024"). Comparable store sales for fiscal 2025 decreased by 3.4% compared to the corresponding period in fiscal 2024. The decrease in net sales and comparable store sales is mainly due to lower sales of branded jewelry due to the exit of a jewelry brand from two stores. When excluding the third-party jewelry brand movement, the comparable store sales increased by 6.9%, mainly driven by timepiece sales. The Company reported gross profit of $66.3 million, or 37.3% of net sales, compared to $73.6 million, or 39.7% of net sales in fiscal 2024, due to lower sales volume resulting from the exit of a jewelry brand from two stores. Gross profit as a percentage of sales for fiscal 2025 was 37.3%, a decrease of 240 basis points from the gross profit as a percentage of sales of 39.7% for fiscal 2024 as a result of the sales mix with decreased sales from third-party branded jewelry, as well as a foreign exchange loss.

Mr. Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, commented: "Although our net sales and comparable store sales for fiscal 2025 are lower than fiscal 2024, when excluding the effect of third-party jewelry brand movement, comparable store sales are positive year-over-year, as a result of a strong retail performance and product offering particularly in our third-party branded timepieces. In fiscal 2025, we opened two new stores under the TimeVallée and Birks brands and continued to benefit from the fiscal 2024 renovations in our Chinook and Laval locations. These initiatives along with our recent announcement of the acquisition of the watch and jewelry business of European Boutique will continue to generate greater sales and contribute to improve our results. "

Mr. Bédos further commented: "I would like to thank our teams for their tireless efforts. The results achieved in fiscal 2025 are a testament to our commitment to our customers and I am grateful for the unwavering efforts of all our employees and the implementation of various initiatives during this past year to enhance our product offering and customer experience."

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**Financial overview for the fiscal year ended March 29, 2025:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total net sales for fiscal 2025 were $177.8 million compared to $185.3 million in fiscal 2024, a
decrease of $7.5 million, or 4.0%. The decrease in net sales in fiscal 2025 was primarily driven by the results of the Company's retail channel. Net retail sales in fiscal 2025 were $7.3 million lower than fiscal 2024, primarily due
to the decrease in third-party branded jewelry sales, following the exit of a jewelry brand from two stores, partially offset by an increase in branded timepiece sales throughout the retail network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comparable store sales decreased by 3.4% in fiscal 2025 compared to fiscal 2024 mainly due to lower third-party
branded jewelry sales following the exit of a jewelry brand from two stores, partially offset by an increase in third-party branded timepiece sales and an increase in average sales transaction value. When excluding the third-party jewelry brand
movement, the comparable store sales increased by 6.9%, mainly driven by timepiece sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total gross profit for fiscal 2025 was $66.3 million, or 37.3% of net sales, compared to $73.6 million,
or 39.7% of net sales, in fiscal 2024. This decrease in gross profit was primarily due to the decreased sales volume experienced during fiscal 2025, due to third-party branded jewelry sales following the exit of a jewelry brand from two stores, and
a foreign exchange loss due to the strengthening of the U.S. dollar, partially offset by the increased sales of third-party branded timepieces. The decrease of 240 basis points in gross margin percentage resulted primarily from the sales mix with
decreased sales from third-party branded jewelry, as well as a foreign exchange loss, partially offset by an increase in branded timepiece sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SG&A expenses in fiscal 2025 were $59.5 million, or 33.5% of net sales, compared to $65.7 million,
or 35.5% of net sales, in fiscal 2024, a decrease of $6.2 million. The main drivers of the decrease in SG&A expenses in fiscal 2025 include lower occupancy costs ($2.7 million) mainly due to store closures and store lease modifications,
lower marketing costs ($2.3 million) mainly due to lower brand development initiatives, lower compensation costs ($0.5 million) mainly due to lower sales volume and head count reductions, lower general operating costs ($0.4 million) and lower non-cash based compensation expense ($0.3 million) mainly due to fluctuations in the Company's stock price during the fiscal year. As a percentage of sales, SG&A expenses in fiscal 2025 decreased by 200
basis points as compared to fiscal 2024, reflecting the Company's focus on cost management and containment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's adjusted EBITDA<sup>(1)</sup> for fiscal 2025 was
$9.2 million, a decrease of $0.8 million, compared to adjusted EBITDA<sup>(1)</sup> of $10.0 million for fiscal 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's reported operating loss for fiscal 2025 was $5.5 million, a decrease of
$6.7 million, compared to a reported operating income of $1.2 million for fiscal 2024. The operating loss in fiscal 2025 includes an impairment of long-lived assets of $4.6 million related to the write-down of capitalized software
costs associated with the delay in completing the implementation of the Company's ERP system;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's recognized interest and other financing costs were $9.7 million in fiscal 2025, an
increase of $1.7 million, compared to recognized interest and other financing costs of $8.0 million in fiscal 2024. This increase is mainly due to an increase in the average amount outstanding on the amended credit facility, additional
borrowings, and a foreign exchange loss of $1.0 million in fiscal 2025 versus a foreign exchange gain of $0.2 million in fiscal 2024 on our U.S. dollar denominated debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company recognized a net loss for fiscal 2025 of $12.8 million, or $0.66 per share, compared to a net
loss for fiscal 2024 of $4.6 million, or $0.24 per share.

*(1)* *This is a non-GAAP financial measure defined below under "Non-GAAP Measures" and accompanied by a reconciliation to the most directly comparable GAAP financial measure.* 

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**About Birks Group Inc.** 

Birks Group is a leading designer of fine jewelry and an operator of luxury jewelry, timepieces and gifts retail stores in Canada. The Company operates 17 stores under the Maison Birks brand in most major metropolitan markets in Canada, one retail location in Montreal under the Birks brand, one retail location in Montreal under the TimeVallée brand, one retail location in Calgary under the Brinkhaus brand, one retail location in Vancouver under the Graff brand, one retail location in Vancouver under the Patek Philippe brand, four retail locations in Laval, Ottawa and Toronto under the Breitling brand, four retail locations in Toronto under the European Boutique brand, one retail location in Toronto under the Omega brand and one retail location in Toronto under the Montblanc brand. Birks was founded in 1879 and has become Canada's premier designer and retailer of fine jewelry, timepieces and gifts. Additional information can be found on Birks' web site, <u>www.birks.com</u>.

**NON-GAAP MEASURES** 

The Company reports financial information in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The Company's performance is monitored and evaluated using various sales and earnings measures that are adjusted to include or exclude amounts from the most directly comparable GAAP measure ("non-GAAP measures"). The Company presents such non-GAAP measures in reporting its financial results to assist in business decision-making and to provide key performance information to senior management. The Company believes that this additional information provided to investors and other external stakeholders will allow them to evaluate the Company's operating results using the same financial measures and metrics used by the Company in evaluating performance. The Company does not, nor does it suggest that investors and other external stakeholders should, consider non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. These non-GAAP measures may not be comparable to similarly titled measures presented by other companies. In addition to our results determined in accordance with U.S. GAAP, we use non-GAAP measures including "EBITDA" and "Adjusted EBITDA".

**EBITDA** 

"EBITDA" is defined as net income (loss) before interest expense and other financing costs, income taxes expense (recovery) and depreciation and amortization.

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**EBITDA & Adjusted EBITDA** 

**(in thousands)** 

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| | | |
|:---|:---|:---|
|  | **For the fiscal year ended** | **For the fiscal year ended** |
|  | **March 29, 2025** | **March 30, 2024** |
|  **Net income (loss) (GAAP measure)** | $(12819) | $(4631) |
|  *as a % of net sales* | *-7.2 %* | *-2.5 %* |
|  Add the impact of: |  |  |
|  Interest expense and other financing costs | 9712 | 8007 |
|  Depreciation and amortization | 7733 | 6639 |
|  **EBITDA (non-GAAP measure)** | $**4626** | $**10015** |
|  *as a % of net sales* | *2.6 %* | *5.4 %* |
|  Add the impact of: |  |  |
|  Impairment of long-lived assets <sup>(a)</sup> | 4592 |  |
|  **Adjusted EBITDA (non-GAAP measure)** | $**9218** | $**10015** |
|  *as a % of net sales* | *5.2 %* | *5.4 %* |

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<sup>(a)</sup> Non-cash<sup></sup>impairment of long-lived assets in fiscal 2025 related to certain software costs associated with the delay in completing the implementation of the Company's ERP system.

**Forward Looking Statements** 

This press release contains forward- looking statements which can be identified, for example, by their use of words such as "plans," "expects," "believes," "will," "anticipates," "intends," "projects," "estimates," "could," "would," "may," "planned," "goal," and other words of similar meaning. All statements that address expectations, possibilities or projections about the future, including without limitation, statements about anticipated economic conditions, generation of shareholder value, and our strategies for growth, performance drivers, expansion plans, sources or adequacy of capital, expenditures and financial results are forward-looking statements.

Because such statements include various risks and uncertainties, actual results might differ materially from those projected in the forward- looking statements and no assurance can be given that the Company will meet the results projected in the forward-looking statements. Accordingly, the reader should not place undue reliance on forward-looking statements. These risks and uncertainties include, but are not limited to the following: (i) a decline in consumer spending or deterioration in consumer financial position; (ii) economic, political and market conditions, including the economies of Canada and the U.S. and the influence of inflation on consumer spending, which could adversely affect the Company's business, operating results or financial condition, including its revenue and profitability, through the impact of changes in the real estate markets, 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 as well as the recently imposed tariffs (and retaliatory measures), possible changes therefrom and other trade restrictions; (iii) 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; (iv) 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 source raw materials, to

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mitigate fluctuations in the availability and prices of the Company's merchandise, to compete with other jewelers, to succeed in its marketing initiatives (including with respect to Birks branded products), and to have a successful customer service program; (v) the Company's plan to evaluate the productivity of existing stores, close unproductive stores and open new stores in new prime retail locations, renovate existing stores and invest in its website and e-commerce platform; (vi) the Company's ability to execute its strategic vision; and (vii) the Company's ability to invest in and finance capital expenditures; (viii) the Company's ability to maintain its listing on the NYSE American exchange or to list its shares on another national securities exchange; and (ix) the Company's ability to continue as a going concern.

Information concerning the above and other risk factors that could cause actual results to differ materially is set forth under the captions "Risk Factors" and "Operating and Financial Review and Prospects" and elsewhere in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on July 25, 2025 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.

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**BIRKS GROUP INC.** 

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(In thousands, except per share amounts)** 

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| | | |
|:---|:---|:---|
|  | **Fiscal Year Ended** | **Fiscal Year Ended** |
|  | **March 29, 2025** | **March 30, 2024** |
|  Net sales | $177807 | $185275 |
|  Cost of sales | 111499 | 111720 |
|  Gross profit | 66308 | 73555 |
|  Selling, general and administrative expenses | 59518 | 65705 |
|  Depreciation and amortization | 7733 | 6639 |
|  Impairment of long-lived assets | 4592 |  |
|  Total operating expenses | 71843 | 72344 |
|  Operating income (loss) | (5535) | 1211 |
|  Interest and other financial costs | 9712 | 8007 |
|  Income (loss) before taxes and equity in earnings of joint venture | (15247) | (6796) |
|  Income taxes (benefits) |  |  |
|  Equity in earnings of joint venture, net of taxes of $0.9 million ($0.8 million in fiscal 2024) | 2428 | 2165 |
|  Net (loss) income, net of tax | $(12819) | $(4631) |
|  Weighted average common shares outstanding: |  |  |
|  Basic | 19357 | 19058 |
|  Diluted | 19357 | 19058 |
|  Net (loss) income per common share: |  |  |
|  Basic | $(0.66) | $(0.24) |
|  Diluted | (0.66) | (0.24) |

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**BIRKS GROUP INC.** 

**CONSOLIDATED BALANCE SHEETS** 

**(In thousands)** 

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **March 29, 2025** | **March 30, 2024** |
|  Assets |  |  |
|  Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $1509 | $1783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable and other receivables | 6608 | 8455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 116277 | 99067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaids and other current assets | 2072 | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 126466 | 112218 |
|  Long-term receivables | 1084 | 1571 |
|  Equity investment in joint venture | 5169 | 4122 |
|  Property and equipment | 25380 | 25717 |
|  Operating lease right-of-use asset | 34964 | 51753 |
|  Intangible assets and other assets | 3017 | 7887 |
|  Total non-current assets | 69614 | 91050 |
|  Total assets | $196080 | $203268 |
|  Liabilities and Stockholders' Equity (Deficiency) |  |  |
|  Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank indebtedness | $73630 | $63372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 58114 | 43011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued liabilities | 6053 | 6112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term debt | 4860 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of operating lease liabilities | 6929 | 6430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 149586 | 123277 |
|  Long-term debt | 21374 | 22587 |
|  Long-term portion of operating lease liabilities | 38629 | 59881 |
|  Other long-term liabilities | 4502 | 2672 |
|  Total long-term liabilities | 64505 | 85140 |
|  Stockholders' equity (deficiency): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A common stock – no par value, unlimited shares authorized, issued and outstanding 11,876,717 (11,447,999 as of March 30, 2024) | 42854 | 40725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B common stock – no par value, unlimited shares authorized, issued and outstanding 7,717,970 | 57755 | 57755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock – no par value, unlimited shares authorized, none issued |  |  |
|  Additional paid-in capital | 19719 | 21825 |
|  Accumulated deficit | (138295) | (125476) |
|  Accumulated other comprehensive income (loss) | (44) | 22 |
|  Total stockholders' equity (deficiency) | (18011) | (5149) |
|  Total liabilities and stockholders' equity (deficiency) | $196080 | $203268 |

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