Gross margins have trended downward from peaks above 42% in 2022 to 35.2% in 2026Q2, indicating significant pressure on pricing power and retail profitability.
| Metric | TTM | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 |
|---|
| Sales/Revenue | 369.34M | 177.81M | 185.28M | 162.95M | 181.34M | 143.07M | 169.42M | 151.05M | 147.71M | 382.63M | 371.01M | 382.42M | 310.79M | 297.87M | 301.62M | 263.34M | 260.01M | 342.06M | 323.97M | 339.48M | 319.81M | 289.48M | 283.56M | 223M |
| Revenue Growth % | 6.29% | -4.03% | 13.7% | -10.14% | 26.75% | -15.55% | 12.16% | 2.26% | -61.4% | 3.13% | -2.98% | 23.04% | 4.34% | -1.25% | 14.54% | 1.28% | -23.99% | 5.58% | -4.57% | 6.15% | 10.47% | 2.09% | 27.16% | - |
| Cost of Goods Sold | 232.43M | 111.5M | 111.72M | 94.99M | 105.12M | 86.72M | 104.94M | 92.47M | 91.46M | 238.03M | 229.02M | 233.06M | 184.04M | 169.49M | 168.7M | 150.5M | 153.53M | 196.09M | 173.2M | 175.35M | 168.82M | 157.31M | 0 | 123.75M |
| COGS % of Revenue | - | 62.71% | 60.3% | 58.29% | 57.97% | 60.61% | 61.94% | 61.22% | 61.92% | 62.21% | 61.73% | 60.94% | 59.22% | 56.9% | 55.93% | 57.15% | 59.05% | 57.33% | 53.46% | 51.65% | 52.79% | 54.34% | - | 55.5% |
| Gross Profit | 136.91M | 66.31M | 73.56M | 67.96M | 76.22M | 56.35M | 64.48M | 58.58M | 56.25M | 144.61M | 141.99M | 149.35M | 126.75M | 128.38M | 132.92M | 112.83M | 106.48M | 145.97M | 150.77M | 164.13M | 150.99M | 132.18M | 283.56M | 99.24M |
| Gross Margin % | 37.07% | 37.29% | 39.7% | 41.71% | 42.03% | 39.39% | 38.06% | 38.78% | 38.08% | 37.79% | 38.27% | 39.06% | 40.78% | 43.1% | 44.07% | 42.85% | 40.95% | 42.67% | 46.54% | 48.35% | 47.21% | 45.66% | 100% | 44.5% |
| Gross Profit Growth % | - | -9.85% | 8.23% | -10.84% | 35.26% | -12.6% | 10.07% | 4.14% | -61.1% | 1.84% | -4.93% | 17.83% | -1.27% | -3.42% | 17.81% | 5.97% | -27.05% | -3.18% | -8.14% | 8.71% | 14.23% | -53.39% | 185.72% | - |
| Operating Expenses | 141.91M | 71.84M | 72.34M | 71.77M | 71.75M | 59.17M | 70.71M | 70.97M | 70.22M | 132.37M | 125.07M | 139.04M | 122.63M | 117.38M | 122.51M | 109.34M | 113.61M | 151.78M | 139.14M | 140.62M | 133.87M | 120.28M | -6.25M | 98.13M |
| OpEx % of Revenue | - | 40.41% | 39.05% | 44.04% | 39.57% | 41.36% | 41.74% | 46.98% | 47.54% | 34.59% | 33.71% | 36.36% | 39.46% | 39.41% | 40.62% | 41.52% | 43.69% | 44.37% | 42.95% | 41.42% | 41.86% | 41.55% | -2.2% | 44.01% |
| Selling, General & Admin | 126.04M | 59.52M | 65.7M | 66.09M | 65.94M | 53.71M | 65.87M | 67.11M | 66.92M | 125.66M | 118.28M | 131.52M | 116.63M | 112.74M | 117.8M | 104.22M | 108.31M | 143.94M | 132.07M | 133.19M | 127.94M | 115.97M | 0 | 93.36M |
| SG&A % of Revenue | - | 33.47% | 35.46% | 40.56% | 36.36% | 37.54% | 38.88% | 44.43% | 45.31% | 32.84% | 31.88% | 34.39% | 37.53% | 37.85% | 39.06% | 39.58% | 41.66% | 42.08% | 40.77% | 39.23% | 40.01% | 40.06% | - | 41.86% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 12.32M | 6.64M | 5.67M | 5.81M | 5.46M | 4.84M | 3.86M | 3.29M | 6.71M | 6.79M | 7.52M | 6M | 4.64M | 4.7M | 5.12M | 5.29M | 7.84M | 7.08M | 7.43M | 5.93M | 4.32M | -6.25M | 4.78M |
| Operating Income | -5M | -5.54M | 1.21M | -3.81M | 4.47M | -2.82M | -6.24M | -12.39M | -13.97M | 11.11M | 20.13M | 6.71M | 4.12M | 10.99M | 10.42M | 3.5M | -8.51M | -22.93M | 11.62M | 23.52M | 17.12M | 11.89M | 277.31M | 1.11M |
| Operating Margin % | -1.35% | -3.11% | 0.65% | -2.34% | 2.46% | -1.97% | -3.68% | -8.2% | -9.46% | 2.9% | 5.43% | 1.76% | 1.33% | 3.69% | 3.45% | 1.33% | -3.27% | -6.7% | 3.59% | 6.93% | 5.35% | 4.11% | 97.8% | 0.5% |
| Operating Income Growth % | - | -557.06% | 131.8% | -185.21% | 258.42% | 54.76% | 49.67% | 11.33% | -225.73% | -44.8% | 199.81% | 62.89% | -62.51% | 5.52% | 198% | 141.09% | 62.89% | -297.25% | -50.57% | 37.39% | 43.91% | -95.71% | 24924% | - |
| EBITDA | 9.98M | 2.2M | 7.85M | 1.86M | 10.28M | 2.64M | -1.39M | -8.53M | -10.68M | 17.87M | 26.98M | 14.23M | 10.12M | 15.64M | 15.12M | 8.62M | -3.22M | -13.01M | 19.66M | 32.63M | 25.18M | 19M | 283.56M | 5.89M |
| EBITDA Margin % | 2.7% | 1.24% | 4.24% | 1.14% | 5.67% | 1.84% | -0.82% | -5.65% | -7.23% | 4.67% | 7.27% | 3.72% | 3.26% | 5.25% | 5.01% | 3.27% | -1.24% | -3.8% | 6.07% | 9.61% | 7.87% | 6.56% | 100% | 2.64% |
| EBITDA Growth % | -2.76% | -72% | 320.91% | -81.85% | 289.76% | 289.71% | 83.7% | 20.13% | -159.77% | -33.77% | 89.51% | 40.66% | -35.28% | 3.41% | 75.51% | 367.95% | 75.3% | -166.21% | -39.76% | 29.62% | 32.49% | -93.3% | 4716.49% | - |
| D&A (Non-Cash Add-back) | 14.98M | 7.73M | 6.64M | 5.67M | 5.81M | 5.46M | 4.84M | 3.86M | 3.29M | 6.75M | 6.85M | 7.52M | 6M | 4.64M | 4.7M | 5.12M | 5.29M | 9.91M | 8.03M | 9.12M | 8.06M | 7.11M | 6.25M | 4.78M |
| EBIT | -410.87K | -5.54M | 1.21M | -3.81M | 4.47M | -2.82M | -6.54M | -13.62M | -18.01M | -4.39M | 5.87M | 3.36M | 4.12M | 10.99M | 10.42M | 3.5M | -8.51M | -22.93M | 11.62M | 23.52M | 17.12M | 11.89M | 283.56M | 1.11M |
| Net Interest Income | -15.88M | -9.71M | -8.01M | -5.58M | -3.18M | -3.02M | -5.68M | -4.69M | -3.99M | -4.47M | -5.58M | -17.66M | -10.51M | -9.43M | -10.18M | -11M | -11.34M | -12.59M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.56M | 0 | 0 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 16.88M | 9.71M | 8.01M | 5.58M | 3.18M | 3.02M | 5.68M | 4.69M | 3.99M | 4.47M | 5.58M | 14.31M | 10.51M | 9.43M | 10.18M | 11M | 11.34M | 12.59M | 10.97M | 11.63M | 9.78M | 0 | 0 | 0 |
| Other Income/Expense | -13.55M | -9.71M | -8.01M | -5.58M | -3.18M | -3.02M | -5.68M | -4.69M | -3.99M | -4.47M | -514.5K | -17.66M | -10.53M | -9.46M | -10.18M | -11.1M | -11.5M | -17.36M | -10.97M | -11.63M | -7.98M | -10.48M | -283.56M | 6.05M |
| Pretax Income | -18.55M | -15.25M | -6.8M | -9.39M | 1.29M | -5.84M | -12.23M | -18.3M | -21.67M | -465.42K | 7.12M | -10.94M | -6.39M | 1.56M | 241.44K | -7.51M | -19.85M | -35.51M | 656.69K | 11.89M | 6.71M | 1.41M | 0 | 7.15M |
| Pretax Margin % | -5.02% | -8.58% | -3.67% | -5.76% | 0.71% | -4.08% | -7.22% | -12.12% | -14.67% | -0.12% | 1.92% | -2.86% | -2.06% | 0.52% | 0.08% | -2.85% | -7.63% | -10.38% | 0.2% | 3.5% | 2.1% | 0.49% | - | 3.21% |
| Income Tax | 0 | -2.43M | -2.17M | -1.96M | 0 | 0 | 0 | 1.61M | -33.1M | -7.04M | 64.9K | 0 | 19.9K | 20.35K | 22.95K | 23.32K | -2.04K | 41.48M | -10.08M | -3.25M | 46.63K | 0 | 280.21M | 1.45M |
| Effective Tax Rate % | 0% | 15.92% | 31.86% | 20.84% | 0% | 0% | 0% | -8.79% | 152.78% | 1512.04% | 0.91% | 0% | -0.31% | 1.3% | 9.5% | -0.31% | 0.01% | -116.81% | -1535.27% | -27.32% | 0.7% | 0% | - | 20.33% |
| Net Income | -18.55M | -12.82M | -4.63M | -7.43M | -1.9M | -8.86M | -18.46M | -19.91M | 11.44M | 6.57M | 7.06M | -10.94M | -6.41M | 1.54M | 218.5K | -7.53M | -19.85M | -77M | 10.74M | 15.14M | 6.66M | 1.41M | -2.9M | 17.76M |
| Net Margin % | -5.02% | -7.21% | -2.5% | -4.56% | -1.04% | -6.19% | -10.9% | -13.18% | 7.74% | 1.72% | 1.9% | -2.86% | -2.06% | 0.52% | 0.07% | -2.86% | -7.63% | -22.51% | 3.31% | 4.46% | 2.08% | 0.49% | -1.02% | 7.96% |
| Net Income Growth % | -115.3% | -176.81% | 37.69% | -292.19% | 78.6% | 52.04% | 7.29% | -274.14% | 74.01% | -6.9% | 164.5% | -70.67% | -516.55% | 604.54% | 102.9% | 62.07% | 74.22% | -817.02% | -29.06% | 127.34% | 371.7% | 148.63% | -116.35% | - |
| Net Income (Continuing) | -18.55M | -12.82M | -4.63M | -7.43M | 1.29M | -5.84M | -12.23M | -18.3M | -22M | -8.86M | 292.06K | -10.94M | -6.41M | 1.54M | 218.5K | -7.53M | -19.85M | -77M | 10.74M | 15.14M | 6.66M | 1.41M | -2.9M | 5.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.09M | 15.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.95 | -0.67 | -0.24 | -0.40 | -0.10 | -0.49 | -1.03 | -1.11 | 0.62 | 0.38 | 0.39 | -0.61 | -0.39 | 0.11 | 0.02 | -0.66 | -1.74 | -6.79 | 0.92 | 1.28 | 0.66 | 0.21 | -0.46 | 1.88 |
| EPS Growth % | -105.41% | -179.17% | 40% | -300% | 79.59% | 52.43% | 7.21% | -279.03% | 63.16% | -2.56% | 163.93% | -56.41% | -454.55% | 450% | 103.03% | 62.07% | 74.37% | -838.04% | -28.13% | 93.94% | 214.29% | 145.65% | -124.47% | - |
| EPS (Basic) | - | -0.67 | -0.24 | -0.40 | -0.10 | -0.49 | -1.03 | -1.11 | 0.64 | 0.39 | 0.39 | -0.61 | -0.39 | 0.11 | 0.02 | -0.66 | -1.74 | -6.79 | 0.96 | 1.35 | 0.77 | 0.22 | -0.46 | 3.01 |
| Diluted Shares Outstanding | 19.59M | 19.23M | 19.06M | 18.69M | 18.79M | 18M | 17.97M | 17.96M | 18.39M | 18.42M | 17.96M | 17.94M | 16.62M | 13.54M | 11.44M | 11.39M | 11.39M | 11.34M | 11.72M | 11.79M | 10.29M | 9.66M | 6.31M | 9.5M |
| Basic Shares Outstanding | 19.59M | 19.23M | 19.06M | 18.58M | 18.35M | 18M | 17.97M | 17.95M | 17.96M | 17.96M | 17.96M | 17.94M | 16.57M | 13.54M | 11.39M | 11.39M | 11.39M | 11.34M | 11.26M | 11.21M | 10.29M | 9.66M | 6.31M | 9.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency constraints
As reported in financial statements, Birks Group's revenue trajectory remains highly erratic, oscillating between 17.4% growth in 2026Q2 and significant contractions in prior periods, reflecting a business model heavily tethered to seasonal holiday demand and the inherent volatility of the Canadian luxury retail market environment.
The top-line performance suggests a lack of consistent organic growth, likely exacerbated by the company's reliance on high-ticket, low-frequency transactions. Investors should monitor whether the recent revenue fluctuations indicate a structural loss of market share or merely the impact of broader macroeconomic headwinds affecting Canadian discretionary spending.
Based on the provided income statement data, gross margins have trended downward from peaks above 42% in 2022 to 35.2% in 2026Q2, suggesting that the company is struggling to maintain pricing power while managing the rising costs of third-party luxury inventory and promotional retail activity.
The erosion of gross margin appears to be a critical indicator of competitive intensity and potential inventory mismanagement. This trend warrants further investigation into whether the company is forced to rely on discounting to move stagnant high-value stock, which would further impair its already fragile profitability profile.
According to recent SEC filings, BGI's operating income has frequently dipped into negative territory, with a -0.2% operating margin in 2026Q2, indicating that the company's high fixed-cost structure is not scaling effectively with revenue, thereby preventing the achievement of sustainable operating leverage at current levels.
The inability to convert gross profit into operating income suggests that SG&A expenses remain disproportionately high relative to the company's current retail footprint. This lack of efficiency implies that the business may require a significant increase in volume or a drastic reduction in overhead to reach a break-even point.
Based on reported figures, the company's cash position of $1.5 million against a $177 million revenue scale highlights a precarious liquidity situation that may limit management's ability to navigate cyclical downturns or invest in necessary inventory refreshes to maintain its luxury brand positioning in the market.
Short-sellers would likely focus on the persistent net losses and the potential for insolvency if the company cannot secure additional financing or improve cash conversion cycles. The current financial data suggests that the company's survival may be increasingly dependent on external credit access rather than internal cash generation.
Quick answers to the most common questions about buying BGI stock.
For fiscal year 2025, Birks Group Inc. (BGI) reported total revenue of $177.8M. This represents a 20.3% decline compared to $223.0M in 2003.
Birks Group Inc. (BGI) reported a net loss of $12.8M for the fiscal year ending 2025.
Birks Group Inc. (BGI) reported an operating income of $-5.5M, resulting in an operating profit margin of -3.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Birks Group Inc. (BGI) generated $66.3M in gross profit for the year, representing a gross profit margin of 37.3%. This demonstrates the company's core pricing power and production efficiency.