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Birks Group: The Other Famous Jeweler Known For Its Blue Boxes And Poised For A Turnaround
- The stock is down 34% over the past year due to concerns over the increasing leverage and lower top line.
- The new letter of credit and increased borrowing capacity act as a bridge until a permanent recapitalization plan is complete; an extended credit facility eliminated the near term maturity cliff.
- Temporary and one-off factors have masked the underlying strength of the core business, which continues to improve due to new brands and the closing of underperforming stores.
- The 16% increase in same store sales in 1Q15 is proof that the retail turnaround is on track.
- Even placing a multiple several turns lower than its two closest peers on an expected doubling of EBITDA over the next 2-3 years results in a significant gain.
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