Birks Group Inc. Files 20-F Annual Report

TL;DR

Birks Group filed its 20-F for FY24 ending March 30, 2024. All good.

AI Summary

Birks Group Inc. filed its annual report on Form 20-F for the period ending March 30, 2024. The filing details the company's financial position and operations, including changes in cumulative translation adjustments and assets held under capital leases. The company, formerly known as Birks & Mayors Inc. and Henry Birks & Sons Inc., is headquartered in Montreal, Canada.

Why It Matters

This filing provides investors with a comprehensive overview of Birks Group Inc.'s financial health and operational status for the fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual report filing (20-F) that provides financial and operational information, not indicating any immediate or specific risks.

Key Numbers

• 2024-03-30 — Fiscal Year End (Reporting period for the 20-F filing)
• 2024-07-16 — Filing Date (Date the 20-F was submitted to the SEC)

Key Players & Entities

• BIRKS GROUP INC. (company) — Filer
• 0001179821 (company) — Central Index Key
• 2020 ROBERT BOURASSA (company) — Business Address
• MONTREAL (company) — Business Address City
• Birks & Mayors Inc. (company) — Former Company Name
• Henry Birks & Sons Inc (company) — Former Company Name

FAQ

Key Financial Figures

• $8.1 million — mpany's total indebtedness increased by $8.1 million driven primarily by an increase in bank
• $15.3 million — mpany's total indebtedness increased by $15.3 million driven primarily by an increase in bank
• $8.5 million — um excess availability of not less than $8.5 million at all times, except that we shall not
• $85.0 million — ada Corporation for a maximum amount of $85.0 million and maturing in October 2022. On Decemb
• $5.0 million — e total commitments thereunder by up to $5.0 million. The Company will only have the ability
• $12.5 million — On June 29, 2018, the Company secured a $12.5 million Term Loan maturing in October 2022 with
• $2.0 million — ry 21st to January 31st of each year of $2.0 million. The Amended Term Loan is required to b
• $4.6 million — 023, the Company reported net losses of $4.6 million and $7.4 million, respectively. The Com
• $7.4 m — reported net losses of $4.6 million and $7.4 million, respectively. The Company report
• $1.3 million — ely. The Company reported net income of $1.3 million for fiscal 2022. The Company used cash
• $0.2 million — used cash from operating activities of $0.2 million and $6.9 million in fiscal 2024 and 202
• $6.9 million — perating activities of $0.2 million and $6.9 million in fiscal 2024 and 2023, respectively,
• $18.6 million — rated cash from operating activities of $18.6 million in fiscal 2022. The Company had a negat

Filing Documents

• d795080d20f.htm (20-F) — 2347KB
• d795080dex423.htm (EX-4.23) — 912KB
• d795080dex428.htm (EX-4.28) — 1059KB
• d795080dex429.htm (EX-4.29) — 90KB
• d795080dex430.htm (EX-4.30) — 30KB
• d795080dex431.htm (EX-4.31) — 30KB
• d795080dex432.htm (EX-4.32) — 29KB
• d795080dex433.htm (EX-4.33) — 30KB
• d795080dex434.htm (EX-4.34) — 9KB
• d795080dex81.htm (EX-8.1) — 4KB
• d795080dex111.htm (EX-11.1) — 94KB
• d795080dex121.htm (EX-12.1) — 7KB
• d795080dex122.htm (EX-12.2) — 7KB
• d795080dex131.htm (EX-13.1) — 4KB
• d795080dex132.htm (EX-13.2) — 3KB
• d795080dex151.htm (EX-15.1) — 2KB
• d795080dex971.htm (EX-97.1) — 27KB
• g795080g02l32.jpg (GRAPHIC) — 8KB
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• g795080g0713031538848.jpg (GRAPHIC) — 4KB
• 0001193125-24-179721.txt ( ) — 13993KB
• bgi-20240330.xsd (EX-101.SCH) — 101KB
• bgi-20240330_cal.xml (EX-101.CAL) — 53KB
• bgi-20240330_def.xml (EX-101.DEF) — 394KB
• bgi-20240330_lab.xml (EX-101.LAB) — 635KB
• bgi-20240330_pre.xml (EX-101.PRE) — 552KB
• d795080d20f_htm.xml (XML) — 1902KB

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities 63 Part II Item 13. Defaults, Dividend Arrearages and Delinquencies 64 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 64 Item 15.

Controls and Procedures

Controls and Procedures 64 Item 16A. Audit Committee Financial Expert 64 Item 16B. Code of Ethics 65 Item 16C. Principal Accountant Fees and Services 65 Item 16D. Exemptions from the Listing Standards for Audit Committees 65 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 65 Item 16F. Change in Registrant's Certifying Accountant 65 Item 16G. Corporate Governance 65 Item 16H. Mine Safety Disclosure 66 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 Item 16J. Insider Trading Policies 66 Item 16K. Cybersecurity 66 Part III Item 17.

Financial Statements

Financial Statements 67 Item 18.

Financial Statements

Financial Statements 67 Item 19. Exhibits 68 i INTRODUCTION References Unless the context otherwise requires, the terms "Birks Group," "the Company," "we," "us," and "our" are used in this Annual Report to refer to Birks Group Inc., a Canadian corporation, and its subsidiaries on a consolidated basis. In addition, (i) the term "Mayors" refers to Mayor's Jewelers, Inc., a Delaware corporation, and its wholly-owned subsidiary, Mayor's Jewelers of Florida, Inc., a Florida corporation, until October 23, 2017, upon which date it was sold to a third party, and (ii) "the merger" refers to the merger of Mayors with a wholly-owned subsidiary of the Company, as approved by the stockholders on November 14, 2005. The term "Birks" refers to Henry Birks & Sons Inc., the legal name of Birks Group prior to the merger. Presentation of Financial and Other Information Throughout this Annual Report, we refer to our fiscal year ending March 30, 2024, as fiscal 2024, and our fiscal years ended March 25, 2023, and March 26, 2022, as fiscal 2023 and 2022, respectively. Our fiscal year ends on the last Saturday in March of each year. The fiscal years ended March 30, 2024 consisted of 53 weeks whereas fiscal years ended March 25, 2023, and March 26, 2022 each consisted of 52 weeks. All figures presented in this Form 20-F are in Canadian dollars unless otherwise specified. Current developments External risk factors The Company believes recent general economic conditions, including high inflation and interest rates, could lead to a slow-down in certain segments of the global economy and affect the amount of discretionary income spent by potential consumers to purchase the Company's products. If global economic and financial market conditions persist or worsen, the Company's sales may decrease, and the Company's financial condition and results of operations may be adversely affected. Forward-Looking Information This Annual Report and other written reports and rele

RISK FACTORS

RISK FACTORS Risks Related to Global and Economic Conditions Our business depends, in part, on factors affecting consumer spending that are out of our control. A downturn in the global economy, including as a result of general economic conditions, such as inflation or interest rate increases, can significantly affect consumer purchases of discretionary items, which could materially impact our sales, profitability and financial condition. Our business, like other retailers, depends on consumer demand for our products and our sales are affected by discretionary spending by consumers. Consequently, our business is sensitive to a number of factors that are beyond our control, and that influence consumer spending, including general economic conditions, interest and tax rates, inflation, consumer confidence in future economic conditions, domestic and international geopolitical conditions, the availability of consumer credit, consumer indebtedness levels, tourism, recession and fears of recession, disposable consumer income, level of customer traffic in shopping malls and other retail centers, conditions in the housing market, consumer perceptions of personal well-being and security, fuel prices, inclement weather, foreign exchange rates, sales tax rate increases, pandemics, such as the COVID-19 pandemic, epidemics, disease outbreaks, and other public health crises, and war and fears of war. Jewelry and timepiece purchases are discretionary for consumers and may be particularly and disproportionately affected by adverse trends in the general economy and the equity markets. Adverse changes in factors affecting discretionary consumer spending could reduce consumer demand for our products, resulting in a reduction in our sales and harming our business, operating results and cash flows. Recent geopolitical events and general economic conditions, such as rising inflation, could lead to a slow-down in certain segments of the global economy and could affect the amount of di

View Full Filing

View this 20-F filing on SEC EDGAR