Key Highlights

  • Fiscal 2026 net sales rose 15.5% to C$205.4 million.
  • The net loss narrowed to C$3.4 million from C$12.8 million a year earlier.
  • Birks voluntarily delisted from NYSE American and moved to the OTCQB in August 2026.
  • The stockholders' deficiency was C$21.4 million at fiscal year end.

Birks Group Inc. (OTCQB:BGICF), the Canadian jeweller behind the Maison Birks stores, chose to leave NYSE American for the OTCQB market in late August 2026, shortly after reporting a narrower annual loss and a refinancing of its debt. Investors face a retailer with improving sales alongside continued heavy borrowings.

Improved Full-Year Results

Birks reported results for the fiscal year ended March 28, 2026 on July 21. Net sales, in Canadian dollars, rose C$27.6 million, or 15.5%, to C$205.4 million, with comparable store sales up 2.6%, helped by the acquisition of European Boutique and higher sales of Birks-branded and third-party jewellery. Gross profit rose to C$79.2 million from C$66.3 million, a margin of 38.5% against 37.3% a year earlier, aided by a foreign exchange gain from the weaker US dollar. Operating income was C$3.1 million, against an operating loss of C$5.5 million a year earlier, and adjusted EBITDA rose to C$12.9 million from C$9.2 million. The net loss narrowed to C$3.4 million, or C$0.17 per share, from C$12.8 million, or C$0.66 per share.

A Voluntary Exit From NYSE American

The move follows a February 2025 notice from NYSE American that Birks did not meet continued listing requirements relating to shareholders' equity and sustained losses. The company said it weighed several alternatives and concluded a voluntary delisting was in its best interest, filing Form 25 with the SEC around August 17, 2026, with its final NYSE American trading day around August 27. Birks has been approved for the OTCQB for its Class A shares, will keep filing reports with the SEC, and intends to provide semiannual financial updates.

Debt Refinancing and Balance Sheet Pressure

Bank indebtedness was C$71.7 million at year end, against C$73.6 million a year earlier, while long-term and related-party debt rose to C$35.8 million from C$21.4 million. Cash stood at C$1.5 million and the stockholders' deficiency was C$21.4 million. Birks replaced its term loan with a five-year C$32.5 million senior secured facility from a Gordon Brothers affiliate and extended its Wells Fargo Canada revolver to June 2031 with commitments raised to C$93 million. The filing lists the company's ability to continue as a going concern among its stated risk factors.

Improving Operations, Continued Leverage

Birks plans to open a store in Vancouver's Oakridge mall in fall 2026 and is operating under an interim chief executive, with a permanent appointment a point to watch. The shares continue to trade on the OTCQB following the move from NYSE American.