Document and Entity Information
Document and Entity Information - Mar. 28, 2015 - shares | Total |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 28, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Trading Symbol | BGI |
Entity Registrant Name | BIRKS GROUP INC. |
Entity Central Index Key | 1,179,821 |
Current Fiscal Year End Date | --03-28 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Class A Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 10,242,911 |
Class B Common Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,717,970 |
Series A Preferred Stock [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 | |
Current assets: | |||
Cash and cash equivalents | $ 2,356 | $ 2,328 | |
Accounts receivable | 7,696 | 7,334 | |
Inventories | 135,739 | 144,644 | |
Prepaids and other current assets | 2,232 | 2,360 | |
Total current assets | 148,023 | 156,666 | |
Property and equipment | 28,544 | 30,923 | |
Intangible assets | 917 | 1,063 | |
Other assets | 2,720 | 1,842 | |
Total non-current assets | 32,181 | 33,828 | |
Total assets | 180,204 | 190,494 | |
Current liabilities: | |||
Bank indebtedness | 64,347 | 73,941 | |
Accounts payable | 44,740 | 36,921 | |
Accrued liabilities | 8,079 | 7,963 | |
Current portion of long-term debt | 4,745 | 4,537 | |
Total current liabilities | 121,911 | 123,362 | |
Long-term debt | 52,039 | 50,213 | |
Other long-term liabilities | 3,431 | 3,297 | |
Total long-term liabilities | $ 55,470 | $ 53,510 | |
Commitments and Contingencies | |||
Stockholders' equity: | |||
Common stock | $ 69,601 | $ 69,475 | |
Preferred stock - no par value, unlimited shares authorized, none issued | [1] | ||
Additional paid-in capital | $ 16,107 | $ 16,041 | |
Accumulated deficit | (84,287) | (75,655) | |
Accumulated other comprehensive income | 1,402 | 3,761 | |
Total stockholders' equity | 2,823 | 13,622 | |
Total liabilities and stockholders' equity | 180,204 | 190,494 | |
Class A Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock | [1] | 30,988 | 30,862 |
Class B Common Stock [Member] | |||
Stockholders' equity: | |||
Common stock | [1] | $ 38,613 | $ 38,613 |
[1] | unlimited shares authorized |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296 | Mar. 28, 2015 | Mar. 29, 2014 |
Common stock, shares outstanding | 17,960,881 | 17,849,509 |
Preferred stock, par value | ||
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value | ||
Common stock, shares issued | 10,242,911 | 10,131,539 |
Common stock, shares outstanding | 10,242,911 | 10,131,539 |
Class B Common Stock [Member] | ||
Common stock, par value | ||
Common stock, shares issued | 7,717,970 | 7,717,970 |
Common stock, shares outstanding | 7,717,970 | 7,717,970 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 301,637 | $ 281,165 | $ 292,759 |
Cost of sales | 183,832 | 166,498 | 166,585 |
Gross profit | 117,805 | 114,667 | 126,174 |
Selling, general and administrative expenses | 103,735 | 105,512 | 110,806 |
Restructuring charges | 2,604 | ||
Depreciation and amortization | 5,932 | 5,426 | 4,563 |
Impairment of long-lived assets | 238 | ||
Total operating expenses | 112,509 | 110,938 | 115,369 |
Operating income | 5,296 | 3,729 | 10,805 |
Interest and other financing costs | 11,285 | 9,512 | 9,272 |
Debt extinguishment charges | 2,643 | ||
(Loss) income before income taxes | (8,632) | (5,783) | 1,533 |
Income tax expense | 18 | 20 | |
Net (loss) income | $ (8,632) | $ (5,801) | $ 1,513 |
Weighted average common shares outstanding: | |||
Basic | 17,937 | 16,617 | 13,538 |
Diluted | 17,937 | 16,617 | 13,544 |
Net (loss) income per share: | |||
Basic | $ (0.48) | $ (0.35) | $ 0.11 |
Diluted | $ (0.48) | $ (0.35) | $ 0.11 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (8,632) | $ (5,801) | $ 1,513 | |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | [1],[2] | (2,359) | (2,006) | (501) |
Total comprehensive (loss) income | $ (10,991) | $ (7,807) | $ 1,012 | |
[1] | Item that may be reclassified to the Statement of Operations in future periods | |||
[2] | The change in cumulative translation adjustments is not due to reclassifications out of accumulated other comprehensive income (loss). |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Voting Common Stock Outstanding [Member] | Voting Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Beginning Balance at Mar. 31, 2012 | $ 11,628 | $ 60,896 | $ 15,831 | $ (71,367) | $ 6,268 | |||
Beginning Balance, Shares at Mar. 31, 2012 | 11,391,585 | |||||||
Net (loss) income | 1,513 | 1,513 | ||||||
Cumulative translation adjustment | [2] | (501) | [1] | (501) | ||||
Total comprehensive income | 1,012 | |||||||
Compensation expense resulting from stock options granted to Management | 118 | 118 | ||||||
Issuance of Class A shares for stock rights offering/ private placement, net of taxes of $0 | 3,593 | 3,593 | ||||||
Issuance of Class A shares for stock rights offering/ private placement, net of taxes of $0, Shares | 3,442,026 | |||||||
Ending Balance at Mar. 30, 2013 | $ 16,351 | 64,489 | 15,949 | (69,854) | 5,767 | |||
Ending Balance, Shares at Mar. 30, 2013 | 14,833,611 | 14,833,611 | ||||||
Net (loss) income | $ (5,801) | (5,801) | ||||||
Cumulative translation adjustment | [2] | (2,006) | [1] | (2,006) | ||||
Total comprehensive income | (7,807) | |||||||
Compensation expense resulting from stock options granted to Management | 143 | 143 | ||||||
Exercise of stock options | $ 74 | 125 | (51) | |||||
Exercise of stock options, Shares | 74,813 | 74,813 | ||||||
Issuance of Class A shares for stock rights offering/ private placement, net of taxes of $0 | $ 4,861 | 4,861 | ||||||
Issuance of Class A shares for stock rights offering/ private placement, net of taxes of $0, Shares | 2,941,085 | |||||||
Ending Balance at Mar. 29, 2014 | $ 13,622 | 69,475 | 16,041 | (75,655) | 3,761 | |||
Ending Balance, Shares at Mar. 29, 2014 | 17,849,509 | 17,849,509 | ||||||
Net (loss) income | $ (8,632) | (8,632) | ||||||
Cumulative translation adjustment | [2] | (2,359) | [1] | (2,359) | ||||
Total comprehensive income | (10,991) | |||||||
Compensation expense resulting from stock options granted to Management | 76 | 76 | ||||||
Exercise of stock options | $ 116 | 126 | (10) | |||||
Exercise of stock options, Shares | 111,372 | 111,372 | ||||||
Ending Balance at Mar. 28, 2015 | $ 2,823 | $ 69,601 | $ 16,107 | $ (84,287) | $ 1,402 | |||
Ending Balance, Shares at Mar. 28, 2015 | 17,960,881 | 17,960,881 | ||||||
[1] | Item that may be reclassified to the Statement of Operations in future periods | |||||||
[2] | The change in cumulative translation adjustments is not due to reclassifications out of accumulated other comprehensive income (loss). |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Stock right offering/ private placements, net of taxes | $ 0 | $ 0 |
Voting Common Stock Outstanding [Member] | ||
Stock right offering/ private placements, net of taxes | 0 | 0 |
Voting Common Stock [Member] | ||
Stock right offering/ private placements, net of taxes | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Cash flows from (used in) operating activities: | |||
Net (loss) income | $ (8,632) | $ (5,801) | $ 1,513 |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 5,991 | 5,523 | 4,771 |
Impairment of long-lived assets | 238 | ||
Amortization of debt costs | 724 | 555 | 706 |
Debt extinguishment charges | 2,643 | ||
Other operating activities, net | 342 | 316 | 93 |
(Increase) decrease in: | |||
Accounts receivable | (1,515) | (1,753) | 401 |
Inventories | (750) | (14,470) | 5,225 |
Prepaids and other current assets | (552) | (18) | (300) |
Increase (decrease) in: | |||
Accounts payable | 11,039 | (3,138) | (2,212) |
Accrued liabilities and other long-term liabilities | 1,072 | (331) | (4,021) |
Net cash provided by (used in) operating activities | 10,600 | (19,117) | 6,176 |
Cash flows (used in) from investing activities: | |||
Additions to property and equipment | (6,277) | (6,595) | (6,254) |
Proceeds from sale of assets held for sale | 60 | ||
Other investing activities, net | (48) | (253) | (84) |
Net cash used in investing activities | (6,325) | (6,848) | (6,278) |
Cash flows (used in) provided by financing activities: | |||
(Decrease) Increase in bank indebtedness | (4,821) | 9,819 | 6,159 |
Repayment of obligations under capital leases | (2,003) | (1,024) | (2,406) |
Proceeds from capital lease funding | 1,000 | ||
Proceeds from stock rights offering, net of costs | 3,593 | ||
Proceeds from private placement, net of costs | 4,861 | ||
Proceeds from stock option exercise | 116 | 74 | |
Payment of deferred financing fees and costs | (4,019) | (891) | |
Repayment of long-term debt | (1,144) | (3,017) | (6,481) |
Increase in long-term debt | 6,828 | 14,828 | |
Other financing activities | (14) | (21) | (27) |
Net cash (used in) provided by financing activities | (4,057) | 24,629 | 838 |
Effect of exchange rate on cash | (190) | (162) | (37) |
Net increase (decrease) in cash and cash equivalents | 28 | (1,498) | 699 |
Cash and cash equivalents, beginning of year | 2,328 | 3,826 | 3,127 |
Cash and cash equivalents, end of year | 2,356 | 2,328 | 3,826 |
Supplemental disclosure of cash flow information: | |||
Interest paid | 9,100 | 8,525 | 8,261 |
Non-cash transactions: | |||
Property and equipment additions acquired through capital leases | 4,055 | 160 | |
Property and equipment additions included in accounts payable and accrued liabilities | $ 580 | 742 | $ 732 |
Conversion of debentures into Class A voting shares | $ 4,861 |
Basis of presentation
Basis of presentation | 12 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | 1. Basis of presentation: These consolidated financial statements, which include the accounts of the Canadian parent company Birks Group and its wholly-owned subsidiary, Mayor’s Jewelers, Inc. (“Mayors”), are reported in U.S. dollars and in accordance with accounting principles generally accepted in the U.S. These principles require management to make certain estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. The most significant estimates and judgments include assessing the valuation of inventories, accounts receivable, deferred tax assets, the recoverability of long-lived assets and the substantial doubt assessment of the going concern assumption. Actual results could differ from these estimates. Periodically, the Company reviews all significant estimates and assumptions affecting the financial statements relative to current conditions and records the effect of any necessary adjustments. All significant intercompany accounts and transactions have been eliminated upon consolidation. Future operations These financial statements have been prepared on a going concern basis in accordance with generally accepted accounting principles in the U.S. The going concern basis of presentation assumes that the Company will continue its operations for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company’s ability to fund its operations and meet its cash flow requirements is dependent upon its ability to maintain specified excess availability levels under its senior secured revolving credit facilities as described in note 6. Under the terms of the amendments to the senior secured credit facilities which were agreed to during the fiscal year ended March 28, 2015, the Company is required to finalize and complete a recapitalization transaction by January 2016, which includes, but is not limited to, the closing of permanent financing, equity infusion and/or restructuring acceptable to the lenders (“Recapitalization Transaction”). If the Company does not complete the Recapitalization Transaction, then an additional reserve of up to $2.5 million may be established by the lenders reducing availability under the senior secured credit facilities. There have been no monetary thresholds established by the lenders for the Recapitalization Transaction and although the Company is actively engaged in developing the Recapitalization Transaction, it currently does not have any commitments for financing in connection with the Recapitalization Transaction. Any Recapitalization Transaction will need to be reviewed and approved by the Company’s Board of Directors and its lenders. The successful completion of the Recapitalization Transaction is not within the Company’s control. In addition, the Company agreed, as part of the November 2014 amendments to its senior secured credit facilities that it must meet certain minimum adjusted EBITDA levels (calculated on a twelve-month rolling basis as defined in the agreements) if the Company’s availability under its senior secured revolving credit facility is below $8.0 million for any five consecutive days. Failure to meet the minimum adjusted EBITDA covenant in the event that availability falls below $8.0 million as described above is considered an event of default, that could result in the outstanding balances borrowed under the Company’s senior secured term loan and senior secured revolving credit facility becoming due immediately. In addition, our senior secured revolving credit facility administrative agent may impose, at any time, discretionary reserves, which would lower the level of borrowing availability under our senior secured revolving credit facility (customary for asset-based loans) at their reasonable discretion to: i) ensure that we maintain adequate liquidity for the operation of our business, ii) cover any deterioration in the amount or value of the collateral, and iii) reflect impediments to the lenders to realize upon the collateral. There is no limit to the amount of discretionary reserves that our senior secured revolving credit facility administrative agent may impose at its reasonable discretion. The Company incurred a net loss of $8.6 million in fiscal 2015 and a net loss of $5.8 million in fiscal 2014 and negative cash flow from operating activities of $19.1 million in fiscal 2014. Maintenance of sufficient availability of funding through an adequate amount of committed financing is necessary for us to fund our day-to-day operations. Our ability to make scheduled payments of principal, or to pay the interest or additional interest, if any, or to fund planned capital expenditures and store operations will depend on our ability to maintain adequate levels of available borrowing and our future performance, which to a certain extent, is subject to general economic, financial, competitive, legislative and regulatory factors, as well as other events that are beyond our control. Due to the impact of the Company’s financial performance in fiscal 2015 and fiscal 2014 and the level of capital expenditures requirements related to renewing store leases mostly in Canada over the next two fiscal years, there is a possibility that its existing cash, cash generated from operations and funds available under its credit agreements could be insufficient to fund its future operations, including capital expenditures, or repay debt when it becomes due. As a result of the above, the Company will need to raise additional funds through public or private equity or debt financing, including funding from governmental sources, which may not be possible as the success of raising additional funds is beyond the Company’s control. The majority shareholder is not bound to provide this financing. The incurrence of additional indebtedness would result in increased debt service obligations and could result in operating and financing covenants that could restrict the Company’s operations. Financing may be unavailable in amounts or on terms acceptable to the Company or at all, which may have a material adverse impact on its business, including its ability to continue as a going concern. The Company believes that it will be able to adequately fund its operations and meet its cash flow requirements for at least the next twelve months. This determination, however, could be impacted by future economic, financial and competitive factors, as well as other future events that are beyond the Company’s control. If any of these factors or events result in operating performance being significantly lower than currently forecasted or if the Company’s senior lenders impose additional restrictions on its ability to borrow on the Company’s collateral or if the Company does not maintain positive excess availability under its senior secured revolving credit facilities which is an event of default and the lenders have the right to demand repayment of balances owed under these credit facilities, there could be significant uncertainty about the Company’s ability to continue as a going-concern, and its capacity to realize the carrying value of its assets and repay its existing and future obligations as they generally become due without obtaining additional financing which may not be available as explained above. These financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies: (a) Revenue recognition: Sales are recognized at the point of sale when merchandise is picked up by the customer or delivered to a customer. Shipping and handling fees billed to customers are included in net sales. Revenues for gift certificate sales and store credits are recognized upon redemption. Prior to recognition as a sale, gift certificates are recorded as accrued liabilities on the balance sheet. Based on historical redemption rates, a portion of gift certificates and store credits, not subject to unclaimed property laws, are recorded as income. Gift certificates and store credits outstanding and subject to unclaimed property laws are maintained as accrued liabilities until remitted in accordance with local ordinances. Sales of consignment merchandise are recognized at such time as the merchandise is sold, and are recorded on a gross basis because the Company is the primary obligor of the transaction, has general latitude on setting the price, has discretion as to the suppliers, is involved in the selection of the product and has inventory loss risk. Sales are reported net of returns and sales taxes. The Company generally gives its customers the right to return merchandise purchased by them within 10 to 90 days, depending on the product sold and records a provision at the time of sale for the effect of the estimated returns. Revenues for repair services are recognized when the service is delivered to and accepted by the customer. Revenue related to the Company’s purchases of gold and other precious metals from our customers are recognized when the Company delivers the goods, and receives and accepts an offer from a refiner to purchase the gold and other precious metal. (b) Cost of sales: Cost of sales includes direct inbound freight and duties, direct labor related to repair services, design and creative, the jewelry studio, inventory shrink, inventory thefts, and boxes (jewelry, watch and giftware). Indirect freight including inter-store transfers, purchasing and receiving costs, distribution costs and warehousing costs are included in selling, general and administrative expenses. Purchase discounts are recorded as a reduction of inventory cost and are recorded to cost of sales as the items are sold. Mark down dollars received from vendors are recorded as a reduction of inventory costs to the specific items to which they apply and are recognized in cost of sales once the items are sold. Other vendor allowances, primarily related to the achievement of certain milestones, are infrequent and insignificant and are recognized upon achievement of the specified milestone in cost of sales. Included in cost of sales is depreciation related to manufacturing machinery, equipment and facilities of $59,000, $97,000 and $208,000 for the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. (c) Cash and cash equivalents: The Company utilizes a cash management system under which a book cash overdraft may exist in its primary disbursement account. These overdrafts, when applicable, represent uncleared checks in excess of cash balance in the bank account at the end of a reporting period and have been reclassified to accounts payable on the consolidated balance sheets. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Amounts receivable from credit card issuers are included in cash and cash equivalents and are typically converted to cash within 2 to 4 days of the original sales transaction. These amounts totaled $1.7 million and $1.5 million at March 28, 2015 and March 29, 2014, respectively. (d) Accounts receivable: Accounts receivable arise primarily from customers’ use of the Mayors credit card and sales to Birks Group corporate customers. Several installment sales plans are offered to the Mayors credit card holders which vary as to repayment terms and finance charges assessed. Finance charges on Mayors’ consumer credit receivables, when applicable, accrue at rates ranging from 2.9% to 18% per annum. Finance charges on Mayors consumer credit accounts are not significant. The Company maintains allowances for doubtful accounts associated with the accounts receivable recorded on the balance sheet for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined based on a combination of factors including, but not limited to, the length of time that the receivables are past due, the Company’s knowledge of the customer, economic and market conditions and historical write-off experiences. The Company classifies a receivable account as past due if a required payment amount has not been received within the allotted time frame (generally 30 days), after which internal collection efforts commence. Once all internal collection efforts have been exhausted and management has reviewed the account, the account is put on nonaccrual status and may be sent for external collection or legal action. Upon the suspension of the accrual of interest, interest income is recognized to the extent cash payments received exceed the balance of the principal amount owed on the account. After all collection efforts have been exhausted, including internal and external collection efforts, an account is written off. The Company guarantees a portion of its private label credit card sales to its credit card vendor. The Company maintains a liability associated with these outstanding amounts. Similar to the allowance for doubtful accounts, the liability related to these guaranteed sales amounts are based on a combination of factors including the length of time the receivables are past due to the Company’s credit card vendor, the Company’s knowledge of the customer, economic and market conditions and historical write-off experiences of similar credits. If the financial conditions of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. (e) Inventories: Retail inventories and inventories of raw materials are valued at the lower of average cost or market. Inventories of work in progress and Company manufactured finished goods are valued at the lower of average cost (which includes material, labor and overhead costs) or market. The Company records provisions for lower of cost or market, damaged goods, and slow-moving inventory. The cost of inbound freight and duties are included in the carrying value of the inventories. The allowance for inventory shrink is estimated for the period from the last physical inventory date to the end of the reporting period on a store by store basis and at our factories and distribution centers. The shrink rate from the most recent physical inventory, in combination with historical experience, is the basis for providing a shrink allowance. Inventory is written down for estimated slow moving inventory equal to the difference between the cost of inventory and the estimated market value based on assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. (f) Property and equipment: Property and equipment are recorded at cost. Maintenance and repair costs are charged to selling, general and administrative expenses as incurred, while expenditures for major renewals and improvements are capitalized. Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets as follows: Asset Period Buildings Lesser of term of the lease or the economic life Leasehold improvements Lesser of term of the lease or the economic life Software and electronic equipment 3 - 5 years Molds 2 – 5 years Furniture and fixtures 5 - 8 years Equipment and vehicles 3 - 8 years (g) Intangible assets: Trademarks and tradenames are amortized using the straight-line method over a period of 15 to 20 years. The Company had $1.8 million and $1.9 million of intangible assets at March 28, 2015 and March 29, 2014, respectively. The Company had $0.9 million and $0.8 million of accumulated amortization of intangibles at March 28, 2015 and March 29, 2014, respectively. (h) Deferred financing costs: The Company amortizes deferred financing costs incurred in connection with its financing agreements using the effective interest method over the term of the related financing. Such deferred costs are included in other assets in the accompanying consolidated balance sheets. (i) Warranty accrual: The Company generally provides warranties on its jewelry and watches for periods extending up to three years and has a battery replacement policy for its private label watches. The Company accrues a liability based on its historical repair costs for such warranties. (j) Income taxes: Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial statement reporting purposes and the bases for income tax purposes, and (b) operating losses and tax credit carryforwards. Deferred income tax assets are evaluated and, if realization is not considered to be more-likely-than-not, a valuation allowance is provided (see note 9(a)). (k) Foreign exchange: Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange in effect at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at the respective transaction dates. Revenue and expenses denominated in foreign currencies are translated at average rates prevailing during the year. (Losses) gains on foreign exchange of ($0.4) million, ($0.2) million and $0.1 million were recorded in cost of goods sold for the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively and $0.5 million, $0.3 million and $0.2 million of losses on foreign exchange were recorded in interest and other financial costs related to U.S. dollar denominated debt of the Company’s Canadian operations for the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. Birks Group’s Canadian operations’ functional currency is the Canadian dollar while the reporting currency of the Company is the U.S. dollar. The assets and liabilities denominated in Canadian dollars are translated for reporting purposes at exchange rates in effect at the balance sheet dates. Revenue and expense items are translated at average exchange rates prevailing during the periods. The resulting gains and losses are accumulated in other comprehensive income. (l) Impairment of long-lived assets: The Company periodically reviews the estimated useful lives of its depreciable assets and changes in useful lives are made on a prospective basis unless factors indicate the carrying amounts of the assets may not be recoverable and an impairment write-down is necessary. However, the Company will review its long-lived assets for impairment once events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be recognized when the estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition is less than its carrying value. Measurement of an impairment loss for such long-lived assets would be based on the difference between the carrying value and the fair value of the asset, with fair value being determined based upon discounted cash flows or appraised values, depending on the nature of the asset. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. During fiscal 2015, the Company recorded impairment charges on long-lived assets of $0.2 million associated with a Canadian Birks retail shop-n-shop location due to the projected operating performance of the location and a software impairment associated with a decision to abandon a software project. No impairment charge was required in fiscal 2014 and 2013. (m) Advertising and marketing costs: Advertising and marketing costs are generally charged to expense as incurred and are included in selling, general and administrative expenses in the consolidated statements of operations. However, certain expenses such as those related to catalogs are expensed at the time such catalogs are shipped to recipients. The Company and its vendors participate in cooperative advertising programs in which the vendors reimburse the Company for a portion of certain specific advertising costs which are netted against advertising expense in selling, general and administrative expenses, and amounted to $2.9 million, $2.6 million and $2.9 million for each of the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. Advertising and marketing expense, net of vendor cooperative advertising allowances, amounted to $9.5 million, $11.0 million and $10.8 million in the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. (n) Restructuring charges: Restructuring charges consist of exit costs and other costs associated with the reorganization of the Company’s operations, including the consolidation of most of the Company’s administrative workforce from its regional office in Tamarac, Florida to its Montreal corporate head office. Restructuring charges include severance and stay bonuses for employees being terminated, sublease costs and related losses recognized related to the abandonment of a portion of the Company’s Tamarac facilities and other costs related to the transition of administrative positions to Montreal including employee recruitment costs, temporary duplication of salaries related to the transition and travel and relocation costs. Costs associated with restructuring activities are recorded when the liability is incurred or when such costs are deemed probable and estimable and represent the Company’s best estimate. (o) Pre-opening expenses: Pre-opening expenses related to the opening of new and relocated stores are expensed in the period incurred. (p) Operating leases: All material lessor incentive amounts on operating leases are deferred and amortized as a reduction of rent expense over the term of the lease. Rent expense is recorded on a straight-line basis, which takes into effect any rent escalations, rent holidays and fixturing periods. Lease terms are from the inception of the fixturing period until the end of the initial lease term and generally exclude renewal periods. However, renewal periods would be included in instances in which the exercise of the renewal period option would be reasonably assured and failure to exercise such option would result in an economic penalty. Contingent rent payments vary by lease, are based on a percentage of revenue above a predetermined sales level and are expensed when it becomes probable the sales levels will be achieved. This level is different for each location and includes and excludes various types of sales. (q) Earnings per common share: Basic earnings per share (“EPS”) is computed as net earnings divided by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the dilutive effect of the assumed exercise of stock options, warrants and equity settled stock appreciation rights. The following table sets forth the computation of basic and diluted earnings per common share for the years ended March 28, 2015, March 29, 2014 and March 30, 2013: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands, except per share data) Basic (loss) income per common share computation: Numerator: Net (loss) income $ (8,632 ) $ (5,801 ) $ 1,513 Denominator: Weighted-average common shares outstanding 17,937 16,617 13,538 (Loss) income per common share $ (0.48 ) $ (0.35 ) $ 0.11 Diluted (loss) income per common share computation: Numerator: Net (loss) income $ (8,632 ) $ (5,801 ) $ 1,513 Denominator: Weighted-average common shares outstanding 17,937 16,617 13,538 Dilutive effect of stock options, warrants and stock appreciation rights (SARs) — — 6 Weighted-average common shares outstanding – diluted 17,937 16,617 13,544 Diluted (loss) income per common share $ (0.48 ) $ (0.35 ) $ 0.11 For the year ended March 28, 2015, the effect from the assumed exercise of 442,088 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants were excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 29, 2014, the effect from the assumed exercise of 668,421 Class A voting shares underlying outstanding stock options, 4,347 stock appreciation rights and 382,693 Class A voting shares underlying outstanding warrants were excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 30, 2013, the effect from the assumed exercise of 232,821 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants were excluded from the computation of diluted earnings per share due to their antidilutive effect. (r) Commodity and currency risk: The Company has exposure to market risk related to gold, silver, platinum and diamond purchases and foreign exchange risk. The Company may periodically enter into gold futures contracts to economically hedge a portion of these risks. During the years ended and as of March 28, 2015 and March 29, 2014, there were no such contracts outstanding. (s) Recent Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which updates the criteria for reporting discontinued operations and enhance related disclosures. Under the new guidance, only disposals that have a major effect through a strategic shift on an organization’s operations and financial results should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. The guidance is effective for the Company’s fiscal year beginning March 29, 2015. In 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, |
Accounts receivable
Accounts receivable | 12 Months Ended |
Mar. 28, 2015 | |
Receivables [Abstract] | |
Accounts receivable | 3. Accounts receivable: Accounts receivable at March 28, 2015 and March 29, 2014 consist of the following: As of March 28, 2015 March 29, 2014 (In thousands) Customer trade receivables $ 5,384 $ 5,777 Other receivables 2,312 1,557 $ 7,696 $ 7,334 Included in customer trade receivables as of March 28, 2015 and March 29, 2014, was $0.3 million and $0.2 million, respectively, of net trade receivables on nonaccrual status. Continuity of the allowance for doubtful accounts is as follows (in thousands): Balance March 31, 2012 $ 2,465 Reduction in provision recorded (23 ) Net write-offs (333 ) Balance March 30, 2013 2,109 Reduction in provision recorded (7 ) Net write-offs (296 ) Balance March 29, 2014 1,806 Additional provision recorded 613 Net write-offs (160 ) Balance March 28, 2015 $ 2,259 Certain sales plans relating to customers’ use of Mayors credit cards provide for revolving lines of credit and/or installment plans under which the payment terms exceed one year. These receivables, amounting to approximately $4.1 million and $2.7 million at March 28, 2015 and March 29, 2014, respectively, are included in customer trade receivables. |
Inventories
Inventories | 12 Months Ended |
Mar. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories: Inventories are summarized as follows: As of March 28, 2015 March 29, 2014 (In thousands) Raw materials $ 5,587 $ 3,914 Work in progress 84 541 Retail inventories and manufactured finished goods 130,068 140,189 $ 135,739 $ 144,644 Continuity of the obsolescence reserve for inventory is as follows (in thousands): Balance March 31, 2012 $ 4,680 Additional charges 1,304 Deductions (2,427 ) Balance March 30, 2013 3,557 Additional charges 1,214 Deductions (2,257 ) Balance March 29, 2014 2,514 Additional charges 1,545 Deductions (1,313 ) Balance March 28, 2015 $ 2,746 |
Property and equipment
Property and equipment | 12 Months Ended |
Mar. 28, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | 5. Property and equipment: The components of property and equipment are as follows: As of March 28, 2015 March 29, 2014 (In thousands) Land $ 5,178 $ 5,887 Buildings 7,664 8,690 Leasehold improvements 41,153 46,779 Equipment and vehicles 2,083 2,269 Molds 934 1,141 Furniture and fixtures 9,914 9,760 Software and electronic equipment 19,911 21,451 86,837 95,977 Accumulated depreciation (58,293 ) (65,054 ) $ 28,544 $ 30,923 The Company wrote off $7.0 million of gross fixed assets that were fully amortized during the year ended March 28, 2015, mostly related to leasehold improvements. Property and equipment, having a cost of $18.8 million and a net book value of $10.6 million at March 28, 2015, and a cost of $19.3 million and a net book value of $11.7 million at March 29, 2014, are under capital leasing arrangements. |
Bank indebtedness
Bank indebtedness | 12 Months Ended |
Mar. 28, 2015 | |
Debt Disclosure [Abstract] | |
Bank indebtedness | 6. Bank indebtedness: As of March 28, 2015 and March 29, 2014, bank indebtedness consisted solely of the Company’s senior secured revolving credit facility which had an outstanding balance of $64.3 million and $73.9 million, respectively. The senior secured revolving credit facility is collateralized by substantially all of the Company’s assets. The Company’s ability to fund its operations and meet its cash flow requirements is dependent upon its ability to maintain positive excess availability under its senior credit facilities. In August 2013, the Company amended its senior secured revolving credit facility, extending the term, which was set to expire in June 2015, to August 22, 2017 and reducing the interest rate charged on the facility by 25 basis points per annum. The amended senior secured revolving credit facility bore interest at a floating rate of LIBOR plus 2.0% to LIBOR plus 2.75% (based on excess availability thresholds and interest coverage thresholds). In August 2013, in conjunction with the amendment and extension of its senior secured revolving credit facility, the Company also amended its $18 million senior secured term loan, which was also set to expire in June 2015. The amendment increased the amount of the loan to $28 million and extended the maturity date to August 22, 2018. The interest rate on the amended senior secured term loan was reduced from 9.5% per annum (or one-month LIBOR plus 6.5%, whichever is greater) to a fixed rate of 8.77%. The $28 million senior secured term loan is subordinated in lien priority to the senior secured revolving credit facility. These two credit facilities are used to finance working capital, finance capital expenditures, provide liquidity to fund our day-to-day operations and for other general corporate purposes. The terms of the amended senior secured credit facilities provided that no financial covenants were required to be met other than maintaining positive excess availability at all times. During fiscal 2015, the Company executed four amendments to its senior secured revolving credit facility and senior secured term loan. In June 2014 and July 2014, in conjunction with the Company’s controlling shareholder, Montrovest B.V. (“Montrovest”), having arranged for a $5.0 million irrevocable letter of credit (“LC”) in favor of the Company’s senior secured revolving credit lenders in order to provide the Company with additional operating liquidity, the Company executed amendments to its senior secured revolving credit agreement and senior secured term loan agreement. The LC and amendments to the senior secured credit facilities are part of the Recapitalization Transaction which the Company is developing to provide greater financial resources for its operations and capital investment needs on both a short and long-term basis. The LC and amendments to the senior secured credit facilities are meant to provide the Company with the funding and additional time required to finalize and complete the Recapitalization Transaction by January 2016. There have been no monetary thresholds established by the lenders for the Recapitalization Transaction and although the Company is actively engaged in developing the Recapitalization Transaction, the Company currently does not have any commitments for financing in connection with the Recapitalization Transaction. Any Recapitalization Transaction will need to be reviewed and approved by the Company’s Board of Directors and its senior secured lenders. In addition, the successful completion of the Recapitalization Transaction is not within the Company’s control. In exchange for the delivery of the LC as collateral, as part of the amendments, the senior secured term loan administrative agent lifted a $7 million discretionary reserve that had been imposed in April 2014. Under the June and July 2014 amendments, the Company was required to maintain excess availability under its senior secured revolving credit facility of at least $10 million at all times, failure to do so would have been considered an event of default which could have resulted in the outstanding balances borrowed under the senior secured term loan and senior secured revolving credit facility becoming due immediately. In addition, the senior secured term loan lender agreed to not impose any discretionary reserves in the calculation of the Company’s borrowing availability under the senior secured revolving credit agreement through February 10, 2015 so long as no event of default existed prior to that date. As part of the June and July 2014 amendments, the rate of interest on the senior secured term loan was increased from 8.77% to 12.5% until such time as the Recapitalization Transaction was executed at which time the interest rate would change to 11.0%. In addition, the Company agreed to: • Provide weekly updated 13-week cash flow projections acceptable to the senior secured revolving credit facility and senior secured term loan administrative agents as well as weekly variance reports against the cash flow projections until a Recapitalization Transaction had been consummated, • Deliver an operational restructuring plan to improve the Company’s operations acceptable to the senior secured revolving credit facility and senior secured term loan administrative agents by June 27, 2014, • Continue to retain the services of a financial and restructuring consultant satisfactory to the senior secured revolving credit facility and senior secured term loan administrative agents to assist with the Company’s weekly cash flow projections and in the development of the operational restructuring plan to improve its operations, and • Finalize and close the Recapitalization Transaction acceptable to the senior secured revolving credit facility and senior secured term loan administrative agents by February 10, 2015. As part of the amendments in June and July 2014 to the senior secured credit facilities, the Company also agreed that deviations of greater than 10% (subsequently increased to 12.5% as a result of the Company successfully obtaining additional financial support of Cdn$5.0 million), from the 13-week cash flow projection would have been considered an event of default, which could have resulted in the outstanding balances under the Company’s senior secured revolving credit facility and senior secured term loan becoming due immediately. In addition, if the Company did not accomplish the actions outlined above, an additional reserve of up to $2.5 million could have been established by the lenders reducing availability under the senior secured revolving credit facility until such failure was cured by the Company and the Company would have been required to pay the senior secured term loan lenders a $1.4 million fee. The June and July 2014 amendments also required that an additional Cdn$5.0 million of third party financial support be obtained on or before August 30, 2014, in a form that was acceptable to the lenders, which was achieved by the Company. The additional financial support included a principal moratorium in the aggregate amount of Cdn$2.5 million (approximately $2.2 million in U.S. dollars) obtained from Investissement Québec in June 2014, which was agreed by the lenders to count towards the financial support to be obtained. The Company also received the additional Cdn$3.0 million of third party financial support. In November 2014, the Company executed another amendment to both its senior secured revolving credit agreement and its senior secured term loan. As part of this amendment, the term loan lenders assigned their interest in the senior secured term loan to a new lender and the senior secured term loan amount was increased from $28 million to $33 million. In addition, the revolving credit line under the senior secured revolving credit agreement decreased from $115 million to $110 million. The amendment in November also resulted in the interest rate under the senior secured term loan changing from 12.5% per annum to LIBOR plus 9.75% per annum for the $28 million tranche and LIBOR plus 7.25% per annum for the additional $5 million tranche. The November amendments removed the $10 million minimum excess availability requirement under the senior secured revolving credit agreement, removed the ability of the senior secured term loan lender to impose discretionary reserves of up to 5% of the borrowing base and removed the requirement to pay the senior secured term loan lenders a $1.4 million fee if the Company failed to meet any of the required actions outlined above. As part of the November amendment, the Company is required to maintain minimum adjusted EBITDA levels (calculated on a twelve month roll as defined in the agreements) if and only if, for any five consecutive days, its availability under the senior secured revolving credit facility falls below $8.0 million. Failure to meet the minimum adjusted EBITDA levels if the Company’s availability is below $8.0 million for any five consecutive days, is considered an event of default which could result in the outstanding balances borrowed under the senior secured term loan and senior secured revolving credit facility becoming due immediately. In March 2015, the Company executed another amendment to its senior secured revolving credit agreement and certain applicable corresponding amendments to its senior secured term loan agreement. The amendments to the senior secured revolving credit agreement included extending the date upon which the Company is required to close a Recapitalization Transaction from February 10, 2015 to on or before January 31, 2016, which if not met, allows the Company’s senior secured revolving credit lenders to impose a reserve of up to $2.5 million reducing availability under the Company’s senior secured revolving credit facility. No reserve was imposed by the Company’s senior secured lenders between February 10, 2015 and the date of the March 2015 amendment. The March 2015 amendment also removed the requirement to retain the service of a financial and restructuring consultant and removed the requirement to provide weekly updated 13-week cash flow projections acceptable to the Company’s senior secured lenders as well as weekly variance reports against the cash flow projections. Prior to the amendment in November 2014, the Company had complied with the requirement to maintain excess availability of at least $10 million at all times. In addition, prior to the amendment in March 2015, the Company had retained the services of a financial and restructuring consultant satisfactory to the senior secured revolving credit facility and senior secured term loan administrative agents as required, delivered an operational restructuring plan which the senior secured lenders had accepted and provided the 13-week cash flow projections and weekly updates to these projections acceptable to the senior secured revolving credit facility and senior secured term loan administrative agents with actual cash flow deviations remaining within the required limits in accordance with the milestones set out in the amendments to the secured credit facility agreements. The operational restructuring plan was submitted to and approved by the senior secured lenders. Under the terms of the amended senior secured facilities, the senior secured revolving credit facility administrative agent may, at any time, impose discretionary reserves which would lower the level of borrowing availability under the Company’s senior secured revolving credit facility (customary for asset-based loans), at their reasonable discretion, to: i) ensure that the Company maintains adequate liquidity for the operation of its business, ii) cover any deterioration in the amount or value of the collateral, and iii) reflect impediments to the senior secured lenders to realize upon the collateral. There is no limit to the amount of discretionary reserves that the Company’s senior secured revolving credit facility administrative agent may impose at its reasonable discretion. No discretionary reserves were imposed during fiscal 2015 and 2014 by the Company’s senior secured revolving credit facility administrative agent. While the Company’s senior secured revolving credit facility lenders or their administrative agent have not historically imposed such a restriction, it is uncertain whether conditions could change and cause such a reserve to be imposed in the future. In addition, the value of the Company’s inventory is periodically assessed by its lenders and based upon these reviews the Company’s borrowing capacity could be significantly increased or decreased. Another factor impacting the Company’s excess availability includes, among other things, changes in the U.S. and Canadian dollar exchange rate, which could increase or decrease the Company’s borrowing availability. As of March 28, 2015, every 100 basis point strengthening or weakening of the Canadian versus the U.S. dollar would cause an approximately $107,000 increase or decrease, respectively. The Company’s excess availability was $12.9 million as of March 28, 2015. Furthermore, a $12.5 million and a $5.0 million seasonal availability block is imposed by the senior secured revolving credit facility administrative agent and the senior secured term loan administrative agent each year from December 20 th th st th As a result of the Company’s amendment of its senior secured term loan in June 2014, the Company determined that the loan amendment resulted in a debt extinguishment under U.S. GAAP and the Company recognized a $1.0 million debt extinguishment loss representing the write-off of existing deferred loan fees and costs and the expensing of fees paid to the term lender as part of the June amendment. As a result of the Company’s amendment of its senior secured term loan and senior secured revolving credit facility in November 2014, the Company determined the amendments resulted in a debt extinguishment under U.S. GAAP and the Company recognized an additional $1.6 million of debt extinguishment losses representing the write-off of existing deferred loan fees and costs and the expensing of fees paid to the previous term lenders as part of the November amendment. The senior secured revolving credit facility also contains limitations on the Company’s ability to pay dividends, more specifically, among other limitations, the Company can pay dividends only at certain excess borrowing capacity thresholds and the aggregate dividend payment for the twelve-month period ended as of any fiscal quarter cannot exceed 33% of the consolidated net income for such twelve-month period. Additionally, the Company is required to maintain a fixed charge coverage ratio of at least 1.30 to 1.00 and a minimum excess availability of $30 million in order to qualify for payment of dividends. Besides these financial covenants related to paying dividends, the terms of this facility provide that no financial covenants are required to be met other than already described. The information concerning the Company’s senior secured credit facility is as follows: Fiscal Year Ended March 28, 2015 March 29, 2014 (In thousands) Maximum borrowing outstanding during the year $ 86,450 $ 93,184 Average outstanding balance during the year $ 73,207 $ 78,164 Weighted average interest rate for the year 3.3 % 3.4 % Effective interest rate at year-end 3.2 % 3.3 % As security for the bank indebtedness, the Company has provided some of its lenders the following: (i) general assignment of all accounts receivable, other receivables and trademarks; (ii) general security agreements on all of the Company’s assets; (iii) insurance on physical assets in a minimum amount equivalent to the indebtedness, assigned to the lenders; (iv) a mortgage on moveable property (general) under the Civil Code (Québec) of $225,958,000 (Cdn$250,000,000); (v) lien on machinery, equipment and molds and dies; and (vi) a pledge of trademarks and stock of the Company’s subsidiaries. |
Long-term debt
Long-term debt | 12 Months Ended |
Mar. 28, 2015 | |
Debt Disclosure [Abstract] | |
Long-term debt | 7. Long-term debt: (a) Long-term debt consists of the following: As of March 28, 2015 March 29, 2014 (In thousands) Senior secured term loans that are subordinated in lien priority to the Company’s senior secured revolving credit facility. As of March 28, 2015, the loan bore interest at an annual rate of LIBOR plus 9.75% on $28 million of debt and LIBOR plus 7.25% on $5 million of debt and as of March 29, 2014, the loan bore interest at an annual fixed rate of 8.77%. The term of the loan expires in August 2018. $ 33,000 $ 28,000 Obligation under capital lease on land and building, pursuant to a sale-leaseback transaction. The term loan is being amortized using an implicit annual interest rate of 10.74% over the term of the lease of 20 years with a balloon payment related to the land component and is repayable in monthly installments of approximately $133,356 (Cdn$167,762). The balance at March 28, 2015 and March 29, 2014 was Cdn$12,846,000 and Cdn$13,444,000, respectively. 10,211 12,151 Term loan from Investissement Quebec, bearing interest at an annual rate of prime plus 7.0%, repayable beginning in October 2014 in 60 equal monthly principal payments of approximately $66,242 (Cdn$83,333), secured by the assets of the Company. The balance at March 28, 2015 and March 29, 2014 was Cdn$4.6 million and Cdn$5.0 million (b) 3,643 4,519 Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 5.5%, repayable beginning in April 2012 in 48 equal monthly capital repayments of $165,607 (Cdn$208,333), secured by the assets of the Company. The balance at March 28, 2015 and March 29, 2014 was Cdn$4,375,000 and Cdn$5,208,000, respectively. Refer to note 6, for agreement made to temporarily suspend monthly capital repayments beginning in June 2014 for one year (b). 3,478 4,708 Obligations under capital leases, at annual interest rates between 6% and 10%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to June 2018. 3,362 3,872 Cash advance provided by the Company’s controlling shareholder bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c)) 1,500 1,500 Term loan from Investissement Québec, bearing interest at an annual rate of Canadian prime plus 10%, repayable beginning in August 2015 in 48 equal monthly principal payment of approximately $33,334 (Cdn$41,667), secured by the assets of the Company. The balance at March 28, 2015 was Cdn$2.0 million, respectively (b) 1,590 — 56,784 54,750 Current portion of long-term debt 4,745 4,537 $ 52,039 $ 50,213 (b) The Company must comply with certain financial covenants associated with its terms loans with Investissement Québec. As of March 28, 2015, the Company had received a waiver of default until April 1, 2016 from Investissement Québec, once it was determined that the Company would not be able to meet one of the financial covenants associated with its term loans. Investissement Québec has agreed to waive the calculation requirement for this covenant for the Company’s fiscal year ending March 27, 2016. (c) Future minimum lease payments for capital leases required in the following five years and thereafter are as follows (in thousands): Year ending March: 2016 $ 3,615 2017 3,051 2018 2,261 2019 1,799 2020 1,760 Thereafter 6,498 18,984 Less imputed interest 5,411 $ 13,573 (d) Principal payments on long-term debt required in the following five years and thereafter, including obligations under capital leases, are as follows (in thousands): Year ending March: 2016 $ 4,745 2017 5,123 2018 2,517 2019 35,171 2020 1,684 Thereafter 7,544 $ 56,784 (e) As of March 28, 2015 and March 29, 2014, the Company had $1.0 million and $1.9 million, respectively, of outstanding letters of credit which were provided to certain lenders. (f) In December 2000, the Company entered into a capital lease agreement for the Company’s Montreal head office and store pursuant to which the Company leases the building, including the Montreal flagship store, for a term of 20 years ending December 11, 2020. The net annual rental rate was Cdn$2,013,138 (approximately $1.6 million U.S. dollars) for the period that ended on December 11, 2014, and increases on a compounded basis by 10% on each third annual anniversary date thereafter (except for the last two years when no increase will take place). The current net annual rental rate is Cdn$2,013,138 (approximately $1.6 million U.S. dollars). The lease is an absolute triple net lease to the landlord, and the Company is responsible for any and all additional expenses, including, without limitation, taxes and structural expenses. Subject to specific term and conditions, the Company has four options to renew and extend the term of the lease for four further terms of five years each, except for the last option which is five years less eleven days, terminating on November 30, 2040. Subject to specific terms and conditions, the Company also has two options to purchase the premises, which may be exercised no later than six months prior to the end of the fifteenth year of the term of the lease and the end of the twentieth year of the term of the lease, respectively. The Company did not exercise its first option to purchase the premise which expired on June 11, 2015. |
Benefit plans and stock-based c
Benefit plans and stock-based compensation | 12 Months Ended |
Mar. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit plans and stock-based compensation | 8. Benefit plans and stock-based compensation: (a) Stock option plans and arrangements: (i) The Company can issue stock options and SARs to executive management, key employees and directors under a stock-based compensation plan. The Company has a Long-Term Incentive Plan under which awards may be made in order to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees and to promote the success of the Company. Any employee or consultant selected by the administrator is eligible for any type of award provided for under the Long-Term Incentive Plan, except that incentive stock options may not be granted to consultants. The Long-Term Incentive Plan provides for the grant of units and performance units or share awards. The Long-Term Incentive Plan authorizes the issuance of 900,000 Class A voting shares, which consist of authorized but unissued Class A voting shares. The Company is restricted from issuing Class A voting shares or equity based awards under this program without the approval of the shareholders of the Company if such issuance, when combined with the Class A voting shares issuable under this plan or any of the Company’s other equity incentive award plans exceeds 1,304,025 Class A voting shares. As of March 28, 2015, there were 125,320 cash-based stock appreciation rights that were granted under the Long-Term Incentive Plan. The stock appreciation rights outstanding under the Long-Term Incentive Plan have a weighted average exercise price of $1.77. As of March 28, 2015, there were stock options to purchase 435,000 Class A voting shares outstanding under the Long-Term Incentive Plan. During fiscal 2015 and 2014, stock options to purchase 50,000 shares and 165,000 shares, respectively, of the Company’s Class A voting shares were issued with a three year vesting period, with an average exercise price of $1.94 and $1.16, respectively, and an expiration date of 10 years after the grant date. The weighted-average grant-date fair value of the options granted during fiscal 2015 and 2014 was $1.71 and $1.02, respectively. The fair value of the newly issued options in fiscal 2015 and 2014 was calculated as of the date of their grant, using the Black-Scholes option pricing model with the following weighted-average assumptions: Dividend yield – 0%; Expected volatility – 94.8% for options issued in fiscal 2015 and 94.5% for options issued in fiscal 2014; Risk-free interest rate – 2.04% for options issued in fiscal 2015 and 2.19% for options issued in fiscal 2014; and expected term in years – 10 years. The intrinsic value of the outstanding options as of March 28, 2015 was $137,000. The unrecognized compensation related to the non-vested portion of stock options granted as of March 28, 2015 was $100,000. Total compensation cost for options recognized in earnings was $76,000, $143,000 and $118,000 during fiscal 2015, 2014 and 2013, respectively. The Company has outstanding employee stock options issued under the Birks Employee Stock Option Plan (the “Birks ESOP”). Effective November 15, 2005, no awards are permitted to be granted under the Birks ESOP. However, the Birks ESOP will remain in effect until the outstanding awards issued under the plan terminate or expire by their terms. In March 2010, the Company offered employees who held options under this plan the right to amend their current options. The amended options terms would be consistent with the original grant except that the new options would have a lower exercise price, be exercisable for a lesser number of the Company’s Class A voting shares, have a new ten-year term and be subject to different terms in the event of a change in control or if the Company had a going-private transaction. The amended options have an exercise price of $1.05 per share. As of March 28, 2015, March 29, 2014 and March 30, 2013, there were 6,162, 6,454 and 6,674 Class A voting shares underlying options granted under the Birks ESOP, respectively. No compensation expense was required to be recorded related to the amended option transaction and no compensation expense was required to be recorded for the outstanding option under this plan for the years ended March 28, 2015, March 29, 2014 and March 30, 2013. The following is a summary of the activity of Birks’ stock option plans and arrangements. The weighted average exercise price for Canadian priced options in the summary below have been converted to U.S. dollars using the exchange rate for Canadian and U.S. dollars as of March 28, 2015: Options Weighted average Outstanding March 31, 2012 496,118 $ 1.26 Granted 130,000 0.89 Forfeited (1,500 ) 3.28 Outstanding March 30, 2013 624,618 1.18 Granted 165,000 1.16 Exercised (74,813 ) 1.00 Forfeited (50,220 ) 1.07 Outstanding March 29, 2014 664,585 1.21 Granted 50,000 1.94 Exercised (111,372 ) 1.04 Expired (15,000 ) $ 7.73 Forfeited (147,051 ) 1.10 Outstanding March 28, 2015 441,162 $ 1.15 A summary of the status of Birks’ stock options at March 28, 2015 is presented below: Options outstanding Options exercisable Exercise price Number Weighted Weighted Number Weighted $0.84 100,000 8.06 $ 0.84 0 $ 0 $0.89-1.00 65,000 7.6 0.89 43,333 0.89 $1.01-1.05 156,162 6.7 1.04 156,162 1.04 $1.25-1.66 70,000 7.2 1.48 30,000 1.25 $1.67-1.94 50,000 9.8 1.94 0 0 441,162 7.6 $ 1.15 229,495 $ 1.04 (ii) Under plans approved by the former Board of Directors of Mayors, the Company has outstanding stock options issued to employees and members of the Company’s Board of Directors. No further awards will be granted under these plans. As of March 28, 2015, there are 926 options outstanding with a weighted average remaining estimated life of 5.1 years. No compensation expense was required to be recorded related to the options outstanding under this program for the years ended March 28, 2015, March 29, 2014 and March 31, 2013, respectively. The following is a summary of the activity of Mayors stock option plans: Options Weighted average Outstanding March 31, 2012 217,746 $ 6.06 Expired (208,665 ) 6.01 Outstanding March 30, 2013 9,081 7.18 Expired (5,245 ) 8.63 Outstanding March 29, 2014 3,836 5.19 Expired (2,910 ) 6.51 Outstanding March 28, 2015 926 $ 1.05 A summary of the status of the option plans at March 28, 2015 is presented below: Options outstanding and exercisable Exercise price Number Weighted average Weighted average $1.05 926 5.1 $ 1.05 (iii) The Company issues new shares to satisfy share-based awards and exercise of stock options. During fiscal 2015, 2014 and 2013, respectively, no cash was used to settle equity instruments granted under share-based payment arrangements. (b) As of March 28, 2015, the Company had outstanding warrants exercisable into 382,693 shares of the Company’s Class A voting shares. These warrants have a weighted average exercise price of $3.42 per share and expire on August 20, 2022. As of November 1, 2005, these awards were fully-vested and no additional compensation expense will be recognized. (c) Employee stock purchase plan: The Company has an Employee Stock Purchase Plan (“ESPP”) that permits eligible employees, which does not include executives of the Company, to purchase the Company’s Class A voting stock at 85% of the Class A voting shares fair market value through regular payroll deductions. A total of 100,000 shares of the Company’s Class A voting shares are reserved for issuance under the ESPP. As of March 28, 2015, 99,995 Class A voting shares were outstanding under the ESPP and no additional shares will be issued under this plan. No shares were issued under the ESPP in fiscal 2015, 2014 and 2013. (d) Profit sharing plan: Mayors has a 401(k) Profit Sharing Plan & Trust (the “Plan”), which permits eligible employees to make contributions to the Plan on a pretax salary reduction basis in accordance with the provisions of Section 401(k) of the Internal Revenue Code. Mayors historically made cash contributions of 25% of the employee’s pretax contribution, up to 4% of Mayors employee’s compensation, in any calendar year. Effective January 1, 2009, the Company exercised its right to cancel all future matching contributions to the Plan and as such, no additional matching cash payments were made to the Plan during fiscal 2015, 2014 and 2013. (e) CEO and Senior Executive Long-Term Cash Incentive Plans: During the year ended March 30, 2013, the Board of Directors approved the long-term cash incentive plans (“LTCIPs”) for the Chief Executive Officer and certain executive officers. The intention of the LTCIPs was to reward the Chief Executive Officer and other members of senior management based on the performance of the Company over three-year cycles, the first of which began with the fiscal 2013 through fiscal 2015 period. The approval of a new three-year cycle was at the discretion of the Board of Directors on recommendation of the compensation committee. The payouts under the LTCIPs was to be based on the earnings before taxes (“EBT”) performance of the Company with the payout level earned during the three-year period either increasing or decreasing based on the Company’s EBT performance levels versus thresholds established in each of the three years of the three-year cycle and afterwards, if the LTCIPs were continued. The Company was to pay out 1/3 of the LTCIPs value earned at the end of the first three year cycle and 1/3 of the LTCIPs value for every year thereafter, subject to the Chief Executive Officer and participating executives continued employment and subject to the payment not causing any default on the Company’s credit facilities. The LTCIPs payouts will continue to rise or fall based on the Company’s performance each year. The total LTCIPs pool was only created to compensate if EBT was above a certain growth rate and the payout was capped so that the total three-year costs of the programs combined did not exceed 10% of the Company’s total earnings before taxes for the three-year period. Participation in the first three-year cycle was limited to the Company’s Chief Executive Officer and its two Senior Executives. The target incentive compensation level for the fiscal 2013 to 2015 LTCIPs cycle was $2,067,000 with a total payout capped at 200 percent above this targeted incentive compensation level irrespective of the earnings before taxes generated above these levels by the Company. The Company did not meet the EBT threshold established by the plan and accordingly, no liability or expense related to this plan was recorded and no new three-year cycles have been approved by the Board of Directors related to this plan. A new long-term cash incentive plan was approved by the Company’s Board of Directors to replace this plan in April 2015 as described below. (f) CEO Long-term Cash Incentive Plan: In April 2015, the Company’s Board of Directors approved a long-term cash incentive plan for the Chief Executive Officer (“CEO LTCIP”). The intention of the CEO LTCIP is to reward the Chief Executive Officer based on the Company’s performance over three-year cycles, the first of which begins with the fiscal 2016 through fiscal 2018 period. The approval of this three-year cycle is at the discretion of the Board of Directors on recommendation of the Compensation Committee. The CEO LTCIP is structured to fund a pool of dollars based on the successful achievement of earnings before tax (“EBT”) over three one-year periods. The amount of money funded each year, if earned, is added together at the end of the three-year cycle (with each year comprising 1/3 of the total payout opportunity). The final value of the pool will be based on a modifier subject to the Compensation Committee’s or Board’s assessment of the Chief Executive Officer’s achievement of strategic goals following the end of the three-year cycle (early fiscal 2019), at which time 50% of the amount is payable, with the remaining 50% payable one year thereafter (early fiscal 2020) subject to the Chief Executive Officer remaining employed at the time of payout and the payout not causing any default under our senior secured credit facilities. |
Income taxes
Income taxes | 12 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 9. Income taxes: (a) The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of March 28, 2015, the Company had no accrued interest or penalties related to uncertain tax positions due to available tax loss carry forwards. The tax years 2010 through 2015 remain open to examination by the major taxing jurisdictions to which the Company is subject. The Company evaluates its deferred tax assets to determine if any adjustments to its valuation allowances are required. As part of this analysis, the Company could not reach the required conclusion that it would be able to more likely than not realize the value of both its U.S. and Canadian net deferred tax assets in the future. As a result, the Company has a non-cash valuation allowance of $58.8 million against the full value of the Company’s net deferred tax assets. The significant items comprising the Company’s net deferred tax assets at March 28, 2015 and March 29, 2014 are as follows: Fiscal Year Ended March 28, 2015 March 29, 2014 (In thousands) Deferred tax assets: Loss and tax credit carry forwards $ 42,619 $ 41,889 Difference between book and tax basis of property and equipment 2,513 2,344 Interest expense limitations carry forward 9,069 7,525 Inventory allowances 529 608 Other reserves not currently deductible 850 724 Capital lease obligation 2,696 3,204 Expenses not currently deductible 378 419 Other 144 96 Net deferred tax asset before valuation allowance 58,798 56,809 Valuation allowance (58,798 ) (56,809 ) Net deferred tax asset $ — $ — The following table reconciles the unrecognized tax benefits at March 28, 2015 and March 29, 2014: Fiscal Year Ended March 28, 2015 March 29, 2014 (In thousands) Unrecognized tax benefits at the beginning of the year $ — $ — Gross increase – tax position in current period 89 183 Applied against certain element of deferred tax assets (89 ) (183 ) Unrecognized tax benefits at the end of the year $ — $ — All unrecognized tax benefits would affect the effective tax rate if recognized. The Company’s income tax expense (benefit) consists of the following components: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Income tax expense (benefit): Current $ 77 $ 183 $ 299 Deferred (2,636 ) (1,525 ) 393 Valuation allowance 2,559 1,360 (672 ) Income tax expense $ — $ 18 $ 20 The Company’s current federal tax payable at March 28, 2015 was $0, $18,000 for March 29, 2014, and $5,800 for March 30, 2013. The Company’s provision for income taxes varies from the amount computed by applying the statutory income tax rates for the reasons summarized below: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 Canadian statutory rate 26.4 % 26.4 % 26.2 % Rate differential for U.S. operations 5.1 % 2.0 % (7.3 )% Adjustment to valuation allowance (30.7 )% (26.8 )% 21.0 % Utilization of unrecognized losses and other tax attributes 0.0 % 0.0 % (45.3 )% Permanent differences and other (0.8 )% (2.1 )% 6.7 % Total (0.0 )% (0.5 )% 1.3 % (b) At March 28, 2015, the Company had federal non-capital losses of Cdn$26.1 million ($20.7 million in U.S. dollars) available to reduce future Canadian federal taxable income and investment tax credits (“ITC’s”) in Canada of Cdn$260,000 ($207,000 in U.S. dollars) available to reduce future Canadian federal income taxes payable which will expire between 2022 and 2035. (c) As of March 28, 2015, Mayors had federal and state net operating loss carry forwards in the U.S. of approximately $106.5 million and $99.1 million, respectively. Due to Section 382 limitations from the change in ownership for the year ended March 29, 2003, the utilization of approximately $35.3 million of the pre-acquisition net operating loss carry forwards is limited to approximately $953,000 on an annual basis through 2022. The federal net operating loss carry forwards expire beginning in fiscal 2020 through fiscal 2034 and the state net operating loss carry forwards expire beginning in fiscal 2018 through fiscal 2034. Mayors also has an alternative minimum tax credit carry forward of approximately $1.0 million to offset future federal income taxes. |
Capital stock
Capital stock | 12 Months Ended |
Mar. 28, 2015 | |
Equity [Abstract] | |
Capital stock | 10. Capital stock: Authorized capital stock of the Company consists of an unlimited number of no par value preferred shares and two classes of common stock outstanding: Class A and Class B. Class A voting shares receive one vote per share. The Class B multiple voting shares have substantially the same rights as the Class A voting shares except that each share of Class B multiple voting shares receives 10 votes per share. The issued and outstanding shares are as follows: Class A common stock Class B common stock Total common stock Number of Shares Amount Number of Amount Number of Shares Amount Balance as of March 30, 2013 7,115,641 $ 25,876 7,717,970 $ 38,613 14,833,611 $ 64,489 Exercise of stock options 74,813 125 — — 74,813 125 Private Placement 2,941,085 4,861 — — 2,941,085 4,861 Balance as of March 29, 2014 10,131,539 $ 30,862 7,717,970 $ 38,613 17,849,509 $ 69,475 Exercise of stock options 111,372 126 — — 11,372 126 Balance as of March 28, 2015 10,242,911 $ 30,988 7,717,970 $ 38,613 17,960,881 $ 69,601 In August 2013, the Company executed $5.0 million convertible debenture agreements of which $4.8 million was with its controlling shareholder, Montrovest, convertible into Class A voting shares (the “Debentures”), which generated net proceeds after expenses of $4,861,000. The Debentures were sold in a private placement and had an annual interest rate of 6%, payable in the form of additional Class A voting shares at the time of conversion of the Debentures at the same conversion price as that of the Debentures. The Debentures provided the holders with the option to convert the Debentures before December 31, 2015 if a third party investor invested in the Company, on the same terms as the investment by a third party. In addition, the holders of the Debentures had the option, at any time prior to December 31, 2015, to convert the Debenture at a conversion price equal to the greater of: (i) $1.30; (ii) The market closing price on the last trading day prior to conversion; and (iii) The Company’s book value per share. If the Debentures were not converted prior to December 31, 2015, then the Debentures would automatically be converted on December 31, 2015 into Class A voting shares as a conversion price equal to the greater of: (i) $1.30; (ii) The market closing price on the last trading day prior to the conversion; and (iii) The Company’s book value per share. The $5.0 million of Debentures were converted into 2,941,085 Class A voting shares at the end of August 2013 at an average price of $1.70 per share through which Montrovest received 2,828,634 shares of Class A voting shares of the Company. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Mar. 28, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | 11. Restructuring Charges: In July 2014, the Company provided to its senior secured lenders and announced an operational restructuring plan to reduce corporate overhead costs, improve profitability and drive efficiency within the organization. The restructuring plan included consolidating most of its corporate administrative workforce from its regional office in Tamarac, Florida to its Montreal corporate head office as well as the outsourcing of a portion of the Company’s jewelry manufacturing and other corporate office staff reductions. During fiscal 2015, the Company recorded $2.6 million of restructuring charges. These charges included $1.4 million of severance and employee retention related charges and $0.6 million of transition-related charges associated with the consolidation of positions to Montreal including temporary duplication of salaries during the transition, recruitment costs for positions transferred to Montreal and travel and relocation costs. Restructuring charges also included the recording of a $0.5 million loss on the sublet of a portion of the Tamarac facility and $0.1 million of commission costs associated with the sublease agreement. The Company expects to incur additional restructuring charges of approximately $0.6 million in fiscal 2016 primarily associated with severance and temporary duplication of salaries during the transition of positions from Tamarac to Montreal. These charges represent the last of the expected costs related to the restructuring plan. As of March 28, 2015, accounts payable and accrued liabilities related to these restructuring charges are $1.4 million and cash paid during fiscal year 2015 for such charges was $1.2 million. |
Commitments
Commitments | 12 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 12. Commitments: Operating leases: The Company leases all of its retail stores under operating leases with the exception of one Birks Group location. The rental costs are based on minimum annual rentals and for some of the stores, a percentage of sales. Such percentage of sales varies by location. In addition, most leases are subject to annual adjustments for increases in real estate taxes and common area maintenance costs. The Company also has operating leases for certain equipment. Future minimum lease payments for the next five years and thereafter are as follows (in thousands): Year ending March: 2016 $ 14,794 2017 12,256 2018 9,041 2019 8,280 2020 7,452 Thereafter 21,472 $ 73,295 Rent expense for the Company was approximately $23.4 million, including $0.7 million of contingent rent for the year ended March 28, 2015, $24.3 million, including $0.3 million of contingent rent for the year ended March 29, 2014 and $25.2 million, including $0.4 million of contingent rent for the year ended March 30, 2013. |
Contingencies
Contingencies | 12 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 13. Contingencies: (a) The Company and its subsidiaries, in the normal course of business, become involved from time to time in litigations and claims. While the final outcome with respect to claims and legal proceedings pending at March 28, 2015 cannot be predicted with certainty, management believes that adequate provisions have been recorded in the accounts where required and that the financial impact, if any, from claims related to normal business activities will not be material. (b) From time to time, the Company guarantees a portion of its private label credit card sales to its credit card vendor. At March 28, 2015 and March 29, 2014, the amount guaranteed under such arrangements was approximately $6.8 million and $5.0 million, respectively. At March 28, 2015 and March 29, 2014, the Company has recorded in accrued liabilities a reserve of $0.2 million and $0.4 million, respectively, associated with this guaranteed amount. (c) The Company has entered into an agreement with Prime Investments S.A. under the terms of which Prime Investments will supply the Company with at least 45%, on an annualized cost basis, of the Company’s loose diamond requirements upon the satisfaction of certain conditions (see note 15(d)). (d) In October 2014, the Company entered into a Renewed and Amended Distribution Agreement with Damiani International B.V. (“Damiani”) amending and extending the term of an agreement entered into with Damiani during fiscal 2010 in which the Company purchased an aggregate cost value of $10.6 million of jewelry products from Damiani for sale by the Company in Canada and the United States. Under the original agreement the Company agreed to pay for $10.6 million of products on an annual basis beginning on February 15, 2010 based on the cost value of the products sold during the previous year. However, the Company was required to make minimum annual payments totaling an aggregate amount of $5.6 million during the term of the agreement. Under the original agreement, the Company was also required to replenish certain jewelry products sold during each previous quarter with payment on these purchases required within 90 days of receipt during the life of the original agreement. As part of the original agreement, the Company also had the right to return up to $5.0 million of any unsold Damiani products at the end of the term of the agreement. Under the amended distribution agreement, the distribution agreement is extended to March 31, 2017. Under the amended agreement, the Company is permitted to exchange $2.0 million of the $5.0 unsold Damiani products for new Damiani products and agreed to pay for the $5.0 million of Damiani products remaining on an annual basis beginning on February 15, 2015 based on the cost value of the products sold during the previous year. However, the Company is required to make minimum annual payments totaling an aggregate amount of $1.0 million during the remaining term of the amended agreement and has agreed to replenish certain jewelry products sold during each previous quarter with payment on these purchases required within 60 days of receipt during the remaining life of the amended agreement. As part of the amended agreement, the Company has the right to return up to $4.0 million of any unsold Damiani product at the end of the term of the amended agreement. The total amount payable under this agreement is included in accounts payable. |
Segmented information
Segmented information | 12 Months Ended |
Mar. 28, 2015 | |
Segment Reporting [Abstract] | |
Segmented information | 14. Segmented information: The Company has two reportable segments Retail and Other. As of March 28, 2015, Retail operated 30 stores across Canada under the Birks brand, and 18 stores in the Southeastern U.S. under the Mayors brand, 1 store under the Rolex brand name in Orlando, as well as 2 retail locations in Calgary and Vancouver under the Brinkhaus brand. Other consists primarily of our corporate sales division, which services business customers by providing them with unique items for recognition programs, service awards and business gifts, the Company’s gold exchange business, which purchases gold and other precious metals from clients and refines the metals purchased, and manufacturing, which produce unique products for the retail segment of our business. The two segments are managed and evaluated separately based on gross profit. The accounting policies used for each of the segments are the same as those used for the consolidated financial statements. Inter-segment sales are made at amounts of consideration agreed upon between the two segments and intercompany profit is eliminated if not yet earned on a consolidated basis. The Company does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented. Certain information relating to the Company’s segments for the years ended March 28, 2015, March 29, 2014, and March 30, 2013, respectively, is set forth below: Retail Other Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 (In thousands) Sales to external customers $ 293,146 $ 270,630 $ 274,725 $ 8,491 $ 10,535 $ 18,034 $ 301,637 $ 281,165 $ 292,759 Inter-segment sales $ — $ — $ — $ 15,891 $ 18,320 $ 25,126 $ 15,891 $ 18,320 $ 25,126 Unadjusted gross profit $ 118,128 $ 114,210 $ 120,554 $ 5,390 $ 5,663 $ 10,612 $ 123,518 $ 119,873 $ 131,166 The following sets forth reconciliations of the segments’ gross profits and certain unallocated costs to the Company’s consolidated gross profits for the years ended March 28, 2015, March 29, 2014 and March 30, 2013: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Unadjusted gross profit $ 123,518 $ 119,873 $ 131,166 Inventory provisions (3,151 ) (3,010 ) (2,763 ) Other unallocated costs (2,551 ) (2,801 ) (2,527 ) Adjustment of intercompany profit (11 ) 605 298 Adjusted gross profit $ 117,805 $ 114,667 $ 126,174 Sales to external customers and long-lived assets by geographical areas were as follows: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Geographic Areas Net sales: Canada $ 143,384 $ 146,277 $ 158,834 United States 158,253 134,888 133,925 $ 301,637 $ 281,165 $ 292,759 Long-lived assets: Canada $ 17,898 $ 19,484 $ 18,966 United States 13,366 13,281 9,963 $ 31,264 $ 32,765 $ 28,929 Classes of Similar Products Net sales: Jewelry and other $ 141,781 $ 148,511 $ 164,492 Timepieces 159,856 132,654 128,267 $ 301,637 $ 281,165 $ 292,759 |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 28, 2015 | |
Related Party Transactions [Abstract] | |
Related party transactions | 15. Related party transactions: (a) The Company is party to certain related party transactions. Balances related to these related parties are disclosed in the consolidated financial statements except the following: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Transactions: Purchases of inventory from supplier related to shareholder (d) $ 189 $ — $ 262 Management fees and expense reimbursement to a related party (b) 238 188 180 Consultant fees to a related party (e) 172 156 165 Expense reimbursement to a related party (f) 241 237 241 Interest expense on cash advance received from controlling shareholder (c) 165 164 308 Wholesale distribution service payments to a related party (g) — 1 3 Balances: Accounts payable to supplier related to shareholder (d) — — 31 Accounts payable to related parties 447 57 65 Interest payable on cash advance received from controlling shareholder 136 13 14 (b) On June 8, 2011, the Board of Directors approved the Company entering into a Management Consulting Service Agreement with Montrovest. Under the agreement, the Company pays Montrovest an annual retainer fee of €140,000 in exchange for services related to the raising of capital for international expansion projects and such other services relating to merchandising and/or marketing of the Company’s products as the Company may request. The agreement was in effect until June 8, 2012 and will be extended automatically for successive terms of one year unless either party gives a 60 days’ notice of its intention not to renew. The yearly renewal of the agreement is subject to the review and approval of the Company’s Corporate Governance Committee and the Board of Directors. In fiscal 2015 and fiscal 2014, the Company paid €140,000 (approximately $178,000 and $188,000 in U.S. dollars, respectively), under this agreement to Montrovest. In April 2015, the agreement was renewed for an additional one-year term ending June 8, 2016. The Company’s Board of Directors approved entering into the agreement and its renewal with Montrovest in accordance with the Company’s Code of Conduct relating to related party transactions. In February 2015, the Company’s Board of Directors approved the reimbursement to Montrovest of legal fees incurred by Montrovest in connection with the issuance of the $5.0 million LC for the benefit of the Company up to a total amount of CAD$75,000 (approximately $60,000 in U.S. dollars). Mr. Berclaz, one of the Company’s former directors, was the Chairman of the Supervisory Board of Directors of Montrovest prior to his death in April 2013 and Mr. Coda Nunziante, the Company’s Vice President, Strategy was a managing director of Montrovest until June 30, 2012. Mr. Davide Barberis Canonico, one of our directors, is a member of the Supervisory Board of Directors of Montrovest. (c) In February 2009 and May 2009, the Company received a $2.0 million and a $3.0 million, respectively, cash advance from its controlling shareholder, Montrovest, to finance working capital needs and for general corporate purposes. These advances and any interest thereon are subordinated to the indebtedness of the Company’s existing senior credit facilities and secured term loans and were convertible into a convertible debenture or Class A voting shares in the event of a private placement or repayable upon demand by Montrovest once conditions stipulated in the Company’s senior credit facilities permit such a payment. The cash advance bore interest at an annual rate of 16%, net of any withholding taxes, representing an effective interest rate of approximately 17.8%. If converted into convertible debentures or Class A voting shares, a fee of 7% of the outstanding principal amount of the cash advance would have been paid to Montrovest. In June 2011, the Company amended its cash advance agreements with Montrovest. Under the terms of the amended agreements, the annual interest rate on the $5.0 million in cash advances outstanding was reduced from 16%, net of withholding taxes to 11%, net of withholding taxes representing an effective interest rate of approximately 12.2%. The amended agreements eliminated the convertibility of the cash advances into convertible debentures or Class A voting shares in the event of a private placement and also eliminated the payment of a 7% fee if the debt was converted into convertible debentures or Class A voting shares. The Company also amended its management subordination agreement with Montrovest and its senior lenders, eliminating the payment of any success fee to Montrovest if the Company receives net cash proceeds of $5 million or more related to an equity issuance. The Company paid a one-time fee of $75,000 to Montrovest associated with the amendment of the cash advance agreements. In August 2012, a partial repayment of $3.5 million was made on these cash advances. (d) In August 2002, the Company entered into a Diamond Inventory Supply Agreement with Prime Investments S.A. and a series of conditional sale agreements with companies affiliated with Prime Investments S.A. pursuant to which Prime Investments S.A. or a related party is entitled to supply Birks and its subsidiaries or affiliates with at least 45%, on an annualized cost basis, of such company’s aggregate loose diamond requirements, conditional upon the prices remaining competitive relative to market and needs in terms of quality, cut standards and specifications being satisfied. During fiscal 2015, the Company purchased approximately $0.2 million of diamonds from Prime Investments S.A. and related parties. The Company did not purchase any diamonds from Prime Investments S.A. and related parties in fiscal 2014. As of March 28, 2015, Prime Investments S.A. beneficially owned 15.0% of the Company’s outstanding Class A voting shares. (e) On June 30, 2009, the Company’s Board of Directors approved the Company entering into a consulting services agreement with Gestofi S.A. (“Gestofi”) in accordance with the Company’s Code of Conduct relating to related party transactions. Under the agreement, Gestofi undertook to assign Mr. Niccolò Rossi di Montelera as the employee of Gestofi responsible for providing the consulting services. The consulting services relate to new product development, providing advice and assistance in strategic and business development projects, providing guidance in relation to the implementation of the Company’s strategy and planning and such other services reasonably requested by the Company’s Chief Executive Officer or Chairman (collectively, the “Consulting Services”). The initial one-year term of the agreement began on August 1, 2009, and the agreement may be renewed for additional one-year terms. The agreement has been renewed yearly. The Consulting Services, prior to June 2014, were provided to the Company for a fee of approximately Cdn$13,700 ($10,890 in U.S. dollars) per month less any applicable taxes plus out of pocket expenses. In June 2014, upon the renewal of the agreement for an additional one-year term, the monthly fee changed to 13,000 Swiss francs ($13,558 in U.S. dollars) per month. In February 2015, the Company’s Board of Directors approved the payment of a fee of $12,500 to Gestofi for services it provided in connection with the issuance of the Montrovest LC for the benefit of the Company. Mr. Niccolò Rossi di Montelera is a member of the Board of Directors and the son of Dr. Lorenzo Rossi di Montelera, Birks Group’s Chairman and a director and chairman of the board of Gestofi. In June 2015, the agreement was renewed for an additional one-year term. (f) In accordance with the Company’s Code of Conduct related to related party transactions, in April 2011,, the Corporate Governance Committee and Board of Directors approved the reimbursement of expenses to Regaluxe S.R.L., such as rent, communication, administrative support and analytical service costs, incurred in supporting the office of Dr. Lorenzo Rossi di Montelera, the Company’s Chairman of the Board of Directors, and of Mr. Niccolò Rossi di Montelera, the Chairman of the Company’s Executive Committee, for work performed on behalf of the Company, up to a yearly maximum of $250,000. The yearly maximum was increased to $260,000 in fiscal 2014. During fiscal 2015 and 2014, the Company paid $241,000 and $237,000 to Regaluxe under this agreement, respectively. (g) In April 2011, the Corporate Governance Committee and Board of Directors approved the Company’s entering in a Wholesale and Distribution Agreement with Regaluxe S.r.l. Under the agreement, Regaluxe S.r.l. is to provide services to the Company to support the distribution of the Company’s products in Italy through authorized dealers. The initial one-year term of the agreement began on April 1, 2011. Under this agreement the Company pays Regaluxe S.r.l. a net price for the Company’s products equivalent to the price, net of taxes, for the products paid by retailers to Regaluxe S.r.l. less a discount factor of 3.5%. The agreement’s initial term was until March 31, 2012 and may be renewed by mutual agreement for additional one-year terms. This agreement has been renewed yearly and in February 2015, this agreement was renewed for an additional one-year term. During fiscal 2015 and 2014, the Company paid approximately $0 and $1,000 to Regaluxe S.r.L. under this agreement, respectively. (h) In August 2013, the Company executed $5.0 million convertible debenture agreements of which $4.8 million was with its controlling shareholder, Montrovest B.V. (“Montrovest”), convertible into Class A voting shares (the “Debentures”). The Debentures had an annual interest rate of 6%, payable in the form of additional Class A voting shares at the time of conversion of the Debentures at the same conversion price as the Debentures. The $5.0 million of Debentures were converted into 2,941,085 Class A voting shares at the end of August 2013 at an average price of $1.70 per share of which Montrovest received 2,828,634 Class A voting shares of the Company. See note 10. |
Financial instruments_
Financial instruments: | 12 Months Ended |
Mar. 28, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial instruments: | 16. Financial instruments: (a) Concentrations: During the years ended March 28, 2015, March 29, 2014 and March 30, 2013, approximately 36%, 32% and 28%, respectively, of consolidated sales were of merchandise purchased from the Company’s largest supplier. (b) Fair value of financial instruments: Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP prescribes three levels of inputs that may be used to measure fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 inputs are considered to carry the most weight within the fair value hierarchy due to the low levels of judgment required in determining fair values. Level 2 – Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3- Unobservable inputs reflecting the reporting entity’s own assumptions. Level 3 inputs are considered to carry the least weight within the fair value hierarchy due to substantial levels of judgment required in determining fair values. The Company has determined that the carrying value of its cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities approximates fair values as at the balance sheet date because of the short-term maturity of those instruments. As of March 28, 2015 and March 29, 2014, for the $64.3 million and $73.9 million, respectively of bank indebtedness and the $41.7 million and $9.2 million, respectively of long-term debt bearing interest at variable rates, the fair value is considered to approximate the carrying value. As of March 28, 2015 and March 29, 2014, the fair value of the remaining $15.1 million and $45.5 million, respectively of fixed-rate long-term debt is estimated to be approximately $15.5 million and $43.4 million, respectively. The fair value was determined by discounting the future cash flows of each instrument at the current market interest rates for the same or similar debt instruments with the same remaining maturities adjusted for all necessary risks, including its own credit risk. In determining an appropriate spread to reflect its credit standing, the Company considered interest rates currently offered to the Company for similar debt instruments of comparable maturities by the Company’s lenders. As a result, the Company has determined that the inputs used to value these long-term debts fall within Level 3 of the fair value hierarchy. |
Significant accounting polici25
Significant accounting policies (Policies) | 12 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Revenue recognition | (a) Revenue recognition: Sales are recognized at the point of sale when merchandise is picked up by the customer or delivered to a customer. Shipping and handling fees billed to customers are included in net sales. Revenues for gift certificate sales and store credits are recognized upon redemption. Prior to recognition as a sale, gift certificates are recorded as accrued liabilities on the balance sheet. Based on historical redemption rates, a portion of gift certificates and store credits, not subject to unclaimed property laws, are recorded as income. Gift certificates and store credits outstanding and subject to unclaimed property laws are maintained as accrued liabilities until remitted in accordance with local ordinances. Sales of consignment merchandise are recognized at such time as the merchandise is sold, and are recorded on a gross basis because the Company is the primary obligor of the transaction, has general latitude on setting the price, has discretion as to the suppliers, is involved in the selection of the product and has inventory loss risk. Sales are reported net of returns and sales taxes. The Company generally gives its customers the right to return merchandise purchased by them within 10 to 90 days, depending on the product sold and records a provision at the time of sale for the effect of the estimated returns. Revenues for repair services are recognized when the service is delivered to and accepted by the customer. Revenue related to the Company’s purchases of gold and other precious metals from our customers are recognized when the Company delivers the goods, and receives and accepts an offer from a refiner to purchase the gold and other precious metal. |
Cost of sales | b) Cost of sales: Cost of sales includes direct inbound freight and duties, direct labor related to repair services, design and creative, the jewelry studio, inventory shrink, inventory thefts, and boxes (jewelry, watch and giftware). Indirect freight including inter-store transfers, purchasing and receiving costs, distribution costs and warehousing costs are included in selling, general and administrative expenses. Purchase discounts are recorded as a reduction of inventory cost and are recorded to cost of sales as the items are sold. Mark down dollars received from vendors are recorded as a reduction of inventory costs to the specific items to which they apply and are recognized in cost of sales once the items are sold. Other vendor allowances, primarily related to the achievement of certain milestones, are infrequent and insignificant and are recognized upon achievement of the specified milestone in cost of sales. Included in cost of sales is depreciation related to manufacturing machinery, equipment and facilities of $59,000, $97,000 and $208,000 for the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. |
Cash and cash equivalents | (c) Cash and cash equivalents: The Company utilizes a cash management system under which a book cash overdraft may exist in its primary disbursement account. These overdrafts, when applicable, represent uncleared checks in excess of cash balance in the bank account at the end of a reporting period and have been reclassified to accounts payable on the consolidated balance sheets. The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Amounts receivable from credit card issuers are included in cash and cash equivalents and are typically converted to cash within 2 to 4 days of the original sales transaction. These amounts totaled $1.7 million and $1.5 million at March 28, 2015 and March 29, 2014, respectively. |
Accounts receivable | (d) Accounts receivable: Accounts receivable arise primarily from customers’ use of the Mayors credit card and sales to Birks Group corporate customers. Several installment sales plans are offered to the Mayors credit card holders which vary as to repayment terms and finance charges assessed. Finance charges on Mayors’ consumer credit receivables, when applicable, accrue at rates ranging from 2.9% to 18% per annum. Finance charges on Mayors consumer credit accounts are not significant. The Company maintains allowances for doubtful accounts associated with the accounts receivable recorded on the balance sheet for estimated losses resulting from the inability of its customers to make required payments. The allowance is determined based on a combination of factors including, but not limited to, the length of time that the receivables are past due, the Company’s knowledge of the customer, economic and market conditions and historical write-off experiences. The Company classifies a receivable account as past due if a required payment amount has not been received within the allotted time frame (generally 30 days), after which internal collection efforts commence. Once all internal collection efforts have been exhausted and management has reviewed the account, the account is put on nonaccrual status and may be sent for external collection or legal action. Upon the suspension of the accrual of interest, interest income is recognized to the extent cash payments received exceed the balance of the principal amount owed on the account. After all collection efforts have been exhausted, including internal and external collection efforts, an account is written off. The Company guarantees a portion of its private label credit card sales to its credit card vendor. The Company maintains a liability associated with these outstanding amounts. Similar to the allowance for doubtful accounts, the liability related to these guaranteed sales amounts are based on a combination of factors including the length of time the receivables are past due to the Company’s credit card vendor, the Company’s knowledge of the customer, economic and market conditions and historical write-off experiences of similar credits. If the financial conditions of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. |
Inventories | (e) Inventories: Retail inventories and inventories of raw materials are valued at the lower of average cost or market. Inventories of work in progress and Company manufactured finished goods are valued at the lower of average cost (which includes material, labor and overhead costs) or market. The Company records provisions for lower of cost or market, damaged goods, and slow-moving inventory. The cost of inbound freight and duties are included in the carrying value of the inventories. The allowance for inventory shrink is estimated for the period from the last physical inventory date to the end of the reporting period on a store by store basis and at our factories and distribution centers. The shrink rate from the most recent physical inventory, in combination with historical experience, is the basis for providing a shrink allowance. Inventory is written down for estimated slow moving inventory equal to the difference between the cost of inventory and the estimated market value based on assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. |
Property and equipment | (f) Property and equipment: Property and equipment are recorded at cost. Maintenance and repair costs are charged to selling, general and administrative expenses as incurred, while expenditures for major renewals and improvements are capitalized. Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets as follows: Asset Period Buildings Lesser of term of the lease or the economic life Leasehold improvements Lesser of term of the lease or the economic life Software and electronic equipment 3 - 5 years Molds 2 – 5 years Furniture and fixtures 5 - 8 years Equipment and vehicles 3 - 8 years |
Intangible assets | (g) Intangible assets: Trademarks and tradenames are amortized using the straight-line method over a period of 15 to 20 years. The Company had $1.8 million and $1.9 million of intangible assets at March 28, 2015 and March 29, 2014, respectively. The Company had $0.9 million and $0.8 million of accumulated amortization of intangibles at March 28, 2015 and March 29, 2014, respectively. |
Deferred financing costs | (h) Deferred financing costs: The Company amortizes deferred financing costs incurred in connection with its financing agreements using the effective interest method over the term of the related financing. Such deferred costs are included in other assets in the accompanying consolidated balance sheets. |
Warranty accrual | (i) Warranty accrual: The Company generally provides warranties on its jewelry and watches for periods extending up to three years and has a battery replacement policy for its private label watches. The Company accrues a liability based on its historical repair costs for such warranties. |
Income taxes | (j) Income taxes: Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial statement reporting purposes and the bases for income tax purposes, and (b) operating losses and tax credit carryforwards. Deferred income tax assets are evaluated and, if realization is not considered to be more-likely-than-not, a valuation allowance is provided (see note 9(a)). |
Foreign exchange | (k) Foreign exchange: Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange in effect at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at the respective transaction dates. Revenue and expenses denominated in foreign currencies are translated at average rates prevailing during the year. (Losses) gains on foreign exchange of ($0.4) million, ($0.2) million and $0.1 million were recorded in cost of goods sold for the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively and $0.5 million, $0.3 million and $0.2 million of losses on foreign exchange were recorded in interest and other financial costs related to U.S. dollar denominated debt of the Company’s Canadian operations for the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. Birks Group’s Canadian operations’ functional currency is the Canadian dollar while the reporting currency of the Company is the U.S. dollar. The assets and liabilities denominated in Canadian dollars are translated for reporting purposes at exchange rates in effect at the balance sheet dates. Revenue and expense items are translated at average exchange rates prevailing during the periods. The resulting gains and losses are accumulated in other comprehensive income. |
Impairment of long-lived assets | (l) Impairment of long-lived assets: The Company periodically reviews the estimated useful lives of its depreciable assets and changes in useful lives are made on a prospective basis unless factors indicate the carrying amounts of the assets may not be recoverable and an impairment write-down is necessary. However, the Company will review its long-lived assets for impairment once events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. An impairment loss would be recognized when the estimated undiscounted future cash flows expected to result from the use of an asset and its eventual disposition is less than its carrying value. Measurement of an impairment loss for such long-lived assets would be based on the difference between the carrying value and the fair value of the asset, with fair value being determined based upon discounted cash flows or appraised values, depending on the nature of the asset. Long-lived assets to be disposed of are reported at the lower of the carrying amount or fair value less cost to sell. During fiscal 2015, the Company recorded impairment charges on long-lived assets of $0.2 million associated with a Canadian Birks retail shop-n-shop location due to the projected operating performance of the location and a software impairment associated with a decision to abandon a software project. No impairment charge was required in fiscal 2014 and 2013. |
Advertising and marketing costs | (m) Advertising and marketing costs: Advertising and marketing costs are generally charged to expense as incurred and are included in selling, general and administrative expenses in the consolidated statements of operations. However, certain expenses such as those related to catalogs are expensed at the time such catalogs are shipped to recipients. The Company and its vendors participate in cooperative advertising programs in which the vendors reimburse the Company for a portion of certain specific advertising costs which are netted against advertising expense in selling, general and administrative expenses, and amounted to $2.9 million, $2.6 million and $2.9 million for each of the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. Advertising and marketing expense, net of vendor cooperative advertising allowances, amounted to $9.5 million, $11.0 million and $10.8 million in the years ended March 28, 2015, March 29, 2014 and March 30, 2013, respectively. |
Restructuring charges | (n) Restructuring charges: Restructuring charges consist of exit costs and other costs associated with the reorganization of the Company’s operations, including the consolidation of most of the Company’s administrative workforce from its regional office in Tamarac, Florida to its Montreal corporate head office. Restructuring charges include severance and stay bonuses for employees being terminated, sublease costs and related losses recognized related to the abandonment of a portion of the Company’s Tamarac facilities and other costs related to the transition of administrative positions to Montreal including employee recruitment costs, temporary duplication of salaries related to the transition and travel and relocation costs. Costs associated with restructuring activities are recorded when the liability is incurred or when such costs are deemed probable and estimable and represent the Company’s best estimate. |
Pre-opening expenses | (o) Pre-opening expenses: Pre-opening expenses related to the opening of new and relocated stores are expensed in the period incurred. |
Operating leases | (p) Operating leases: All material lessor incentive amounts on operating leases are deferred and amortized as a reduction of rent expense over the term of the lease. Rent expense is recorded on a straight-line basis, which takes into effect any rent escalations, rent holidays and fixturing periods. Lease terms are from the inception of the fixturing period until the end of the initial lease term and generally exclude renewal periods. However, renewal periods would be included in instances in which the exercise of the renewal period option would be reasonably assured and failure to exercise such option would result in an economic penalty. Contingent rent payments vary by lease, are based on a percentage of revenue above a predetermined sales level and are expensed when it becomes probable the sales levels will be achieved. This level is different for each location and includes and excludes various types of sales. |
Earnings per common share | (q) Earnings per common share: Basic earnings per share (“EPS”) is computed as net earnings divided by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the dilutive effect of the assumed exercise of stock options, warrants and equity settled stock appreciation rights. The following table sets forth the computation of basic and diluted earnings per common share for the years ended March 28, 2015, March 29, 2014 and March 30, 2013: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands, except per share data) Basic (loss) income per common share computation: Numerator: Net (loss) income $ (8,632 ) $ (5,801 ) $ 1,513 Denominator: Weighted-average common shares outstanding 17,937 16,617 13,538 (Loss) income per common share $ (0.48 ) $ (0.35 ) $ 0.11 Diluted (loss) income per common share computation: Numerator: Net (loss) income $ (8,632 ) $ (5,801 ) $ 1,513 Denominator: Weighted-average common shares outstanding 17,937 16,617 13,538 Dilutive effect of stock options, warrants and stock appreciation rights (SARs) — — 6 Weighted-average common shares outstanding – diluted 17,937 16,617 13,544 Diluted (loss) income per common share $ (0.48 ) $ (0.35 ) $ 0.11 For the year ended March 28, 2015, the effect from the assumed exercise of 442,088 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants were excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 29, 2014, the effect from the assumed exercise of 668,421 Class A voting shares underlying outstanding stock options, 4,347 stock appreciation rights and 382,693 Class A voting shares underlying outstanding warrants were excluded from the computation of diluted earnings per share due to their antidilutive effect. For the year ended March 30, 2013, the effect from the assumed exercise of 232,821 Class A voting shares underlying outstanding stock options and 382,693 Class A voting shares underlying outstanding warrants were excluded from the computation of diluted earnings per share due to their antidilutive effect. |
Commodity and currency risk | (r) Commodity and currency risk: The Company has exposure to market risk related to gold, silver, platinum and diamond purchases and foreign exchange risk. The Company may periodically enter into gold futures contracts to economically hedge a portion of these risks. During the years ended and as of March 28, 2015 and March 29, 2014, there were no such contracts outstanding. |
Recent Accounting Pronouncements | (s) Recent Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which updates the criteria for reporting discontinued operations and enhance related disclosures. Under the new guidance, only disposals that have a major effect through a strategic shift on an organization’s operations and financial results should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures that will provide financial statement users with more information about the assets, liabilities, income and expenses of discontinued operations. The guidance is effective for the Company’s fiscal year beginning March 29, 2015. In 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, |
Significant accounting polici26
Significant accounting policies (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Assets | Depreciation and amortization are computed using the straight-line method based on the estimated useful lives of the assets as follows: Asset Period Buildings Lesser of term of the lease or the economic life Leasehold improvements Lesser of term of the lease or the economic life Software and electronic equipment 3 - 5 years Molds 2 – 5 years Furniture and fixtures 5 - 8 years Equipment and vehicles 3 - 8 years |
Basic and Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the years ended March 28, 2015, March 29, 2014 and March 30, 2013: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands, except per share data) Basic (loss) income per common share computation: Numerator: Net (loss) income $ (8,632 ) $ (5,801 ) $ 1,513 Denominator: Weighted-average common shares outstanding 17,937 16,617 13,538 (Loss) income per common share $ (0.48 ) $ (0.35 ) $ 0.11 Diluted (loss) income per common share computation: Numerator: Net (loss) income $ (8,632 ) $ (5,801 ) $ 1,513 Denominator: Weighted-average common shares outstanding 17,937 16,617 13,538 Dilutive effect of stock options, warrants and stock appreciation rights (SARs) — — 6 Weighted-average common shares outstanding – diluted 17,937 16,617 13,544 Diluted (loss) income per common share $ (0.48 ) $ (0.35 ) $ 0.11 |
Accounts receivable (Tables)
Accounts receivable (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Receivables [Abstract] | |
Summary of Accounts Receivables | Accounts receivable at March 28, 2015 and March 29, 2014 consist of the following: As of March 28, 2015 March 29, 2014 (In thousands) Customer trade receivables $ 5,384 $ 5,777 Other receivables 2,312 1,557 $ 7,696 $ 7,334 |
Schedule of Continuity of Allowance for Doubtful Accounts | Continuity of the allowance for doubtful accounts is as follows (in thousands): Balance March 31, 2012 $ 2,465 Reduction in provision recorded (23 ) Net write-offs (333 ) Balance March 30, 2013 2,109 Reduction in provision recorded (7 ) Net write-offs (296 ) Balance March 29, 2014 1,806 Additional provision recorded 613 Net write-offs (160 ) Balance March 28, 2015 $ 2,259 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are summarized as follows: As of March 28, 2015 March 29, 2014 (In thousands) Raw materials $ 5,587 $ 3,914 Work in progress 84 541 Retail inventories and manufactured finished goods 130,068 140,189 $ 135,739 $ 144,644 |
Continuity of Obsolescence Reserve for Inventory | Continuity of the obsolescence reserve for inventory is as follows (in thousands): Balance March 31, 2012 $ 4,680 Additional charges 1,304 Deductions (2,427 ) Balance March 30, 2013 3,557 Additional charges 1,214 Deductions (2,257 ) Balance March 29, 2014 2,514 Additional charges 1,545 Deductions (1,313 ) Balance March 28, 2015 $ 2,746 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | The components of property and equipment are as follows: As of March 28, 2015 March 29, 2014 (In thousands) Land $ 5,178 $ 5,887 Buildings 7,664 8,690 Leasehold improvements 41,153 46,779 Equipment and vehicles 2,083 2,269 Molds 934 1,141 Furniture and fixtures 9,914 9,760 Software and electronic equipment 19,911 21,451 86,837 95,977 Accumulated depreciation (58,293 ) (65,054 ) $ 28,544 $ 30,923 |
Bank indebtedness (Tables)
Bank indebtedness (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Company's Senior Credit Facility | The information concerning the Company’s senior secured credit facility is as follows: Fiscal Year Ended March 28, 2015 March 29, 2014 (In thousands) Maximum borrowing outstanding during the year $ 86,450 $ 93,184 Average outstanding balance during the year $ 73,207 $ 78,164 Weighted average interest rate for the year 3.3 % 3.4 % Effective interest rate at year-end 3.2 % 3.3 % |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | (a) Long-term debt consists of the following: As of March 28, 2015 March 29, 2014 (In thousands) Senior secured term loans that are subordinated in lien priority to the Company’s senior secured revolving credit facility. As of March 28, 2015, the loan bore interest at an annual rate of LIBOR plus 9.75% on $28 million of debt and LIBOR plus 7.25% on $5 million of debt and as of March 29, 2014, the loan bore interest at an annual fixed rate of 8.77%. The term of the loan expires in August 2018. $ 33,000 $ 28,000 Obligation under capital lease on land and building, pursuant to a sale-leaseback transaction. The term loan is being amortized using an implicit annual interest rate of 10.74% over the term of the lease of 20 years with a balloon payment related to the land component and is repayable in monthly installments of approximately $133,356 (Cdn$167,762). The balance at March 28, 2015 and March 29, 2014 was Cdn$12,846,000 and Cdn$13,444,000, respectively. 10,211 12,151 Term loan from Investissement Quebec, bearing interest at an annual rate of prime plus 7.0%, repayable beginning in October 2014 in 60 equal monthly principal payments of approximately $66,242 (Cdn$83,333), secured by the assets of the Company. The balance at March 28, 2015 and March 29, 2014 was Cdn$4.6 million and Cdn$5.0 million (b) 3,643 4,519 Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 5.5%, repayable beginning in April 2012 in 48 equal monthly capital repayments of $165,607 (Cdn$208,333), secured by the assets of the Company. The balance at March 28, 2015 and March 29, 2014 was Cdn$4,375,000 and Cdn$5,208,000, respectively. Refer to note 6, for agreement made to temporarily suspend monthly capital repayments beginning in June 2014 for one year (b). 3,478 4,708 Obligations under capital leases, at annual interest rates between 6% and 10%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to June 2018. 3,362 3,872 Cash advance provided by the Company’s controlling shareholder bearing interest at an annual rate of 11%, net of withholding taxes (note 15(c)) 1,500 1,500 Term loan from Investissement Québec, bearing interest at an annual rate of Canadian prime plus 10%, repayable beginning in August 2015 in 48 equal monthly principal payment of approximately $33,334 (Cdn$41,667), secured by the assets of the Company. The balance at March 28, 2015 was Cdn$2.0 million, respectively (b) 1,590 — 56,784 54,750 Current portion of long-term debt 4,745 4,537 $ 52,039 $ 50,213 |
Summary of Future Minimum Lease Payments for Capital Leases | (c) Future minimum lease payments for capital leases required in the following five years and thereafter are as follows (in thousands): Year ending March: 2016 $ 3,615 2017 3,051 2018 2,261 2019 1,799 2020 1,760 Thereafter 6,498 18,984 Less imputed interest 5,411 $ 13,573 |
Summary of Principal Payment on Long Term Debt Including Obligation Under Capital Lease | (d) Principal payments on long-term debt required in the following five years and thereafter, including obligations under capital leases, are as follows (in thousands): Year ending March: 2016 $ 4,745 2017 5,123 2018 2,517 2019 35,171 2020 1,684 Thereafter 7,544 $ 56,784 |
Benefit plans and stock-based32
Benefit plans and stock-based compensation (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Birks Stock Option Plan [Member] | |
Summary of Activity of Stock Option Plans and Arrangements | The following is a summary of the activity of Birks’ stock option plans and arrangements. The weighted average exercise price for Canadian priced options in the summary below have been converted to U.S. dollars using the exchange rate for Canadian and U.S. dollars as of March 28, 2015: Options Weighted average Outstanding March 31, 2012 496,118 $ 1.26 Granted 130,000 0.89 Forfeited (1,500 ) 3.28 Outstanding March 30, 2013 624,618 1.18 Granted 165,000 1.16 Exercised (74,813 ) 1.00 Forfeited (50,220 ) 1.07 Outstanding March 29, 2014 664,585 1.21 Granted 50,000 1.94 Exercised (111,372 ) 1.04 Expired (15,000 ) $ 7.73 Forfeited (147,051 ) 1.10 Outstanding March 28, 2015 441,162 $ 1.15 |
Summary of Status of Stock Options | A summary of the status of Birks’ stock options at March 28, 2015 is presented below: Options outstanding Options exercisable Exercise price Number Weighted Weighted Number Weighted $0.84 100,000 8.06 $ 0.84 0 $ 0 $0.89-1.00 65,000 7.6 0.89 43,333 0.89 $1.01-1.05 156,162 6.7 1.04 156,162 1.04 $1.25-1.66 70,000 7.2 1.48 30,000 1.25 $1.67-1.94 50,000 9.8 1.94 0 0 441,162 7.6 $ 1.15 229,495 $ 1.04 |
Mayors Stock Option Plan [Member] | |
Summary of Status of Stock Options | A summary of the status of the option plans at March 28, 2015 is presented below: Options outstanding and exercisable Exercise price Number Weighted average Weighted average $1.05 926 5.1 $ 1.05 |
Summary of Stock Option Activity | The following is a summary of the activity of Mayors stock option plans: Options Weighted average Outstanding March 31, 2012 217,746 $ 6.06 Expired (208,665 ) 6.01 Outstanding March 30, 2013 9,081 7.18 Expired (5,245 ) 8.63 Outstanding March 29, 2014 3,836 5.19 Expired (2,910 ) 6.51 Outstanding March 28, 2015 926 $ 1.05 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Net Deferred Tax Assets | The significant items comprising the Company’s net deferred tax assets at March 28, 2015 and March 29, 2014 are as follows: Fiscal Year Ended March 28, 2015 March 29, 2014 (In thousands) Deferred tax assets: Loss and tax credit carry forwards $ 42,619 $ 41,889 Difference between book and tax basis of property and equipment 2,513 2,344 Interest expense limitations carry forward 9,069 7,525 Inventory allowances 529 608 Other reserves not currently deductible 850 724 Capital lease obligation 2,696 3,204 Expenses not currently deductible 378 419 Other 144 96 Net deferred tax asset before valuation allowance 58,798 56,809 Valuation allowance (58,798 ) (56,809 ) Net deferred tax asset $ — $ — |
Reconciliation of Unrecognized Tax Benefits | The following table reconciles the unrecognized tax benefits at March 28, 2015 and March 29, 2014: Fiscal Year Ended March 28, 2015 March 29, 2014 (In thousands) Unrecognized tax benefits at the beginning of the year $ — $ — Gross increase – tax position in current period 89 183 Applied against certain element of deferred tax assets (89 ) (183 ) Unrecognized tax benefits at the end of the year $ — $ — |
Components of Income Tax Expense (Benefit) | The Company’s income tax expense (benefit) consists of the following components: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Income tax expense (benefit): Current $ 77 $ 183 $ 299 Deferred (2,636 ) (1,525 ) 393 Valuation allowance 2,559 1,360 (672 ) Income tax expense $ — $ 18 $ 20 |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s provision for income taxes varies from the amount computed by applying the statutory income tax rates for the reasons summarized below: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 Canadian statutory rate 26.4 % 26.4 % 26.2 % Rate differential for U.S. operations 5.1 % 2.0 % (7.3 )% Adjustment to valuation allowance (30.7 )% (26.8 )% 21.0 % Utilization of unrecognized losses and other tax attributes 0.0 % 0.0 % (45.3 )% Permanent differences and other (0.8 )% (2.1 )% 6.7 % Total (0.0 )% (0.5 )% 1.3 % |
Capital stock (Tables)
Capital stock (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Equity [Abstract] | |
Summary of Common Stock Outstanding | The issued and outstanding shares are as follows: Class A common stock Class B common stock Total common stock Number of Shares Amount Number of Amount Number of Shares Amount Balance as of March 30, 2013 7,115,641 $ 25,876 7,717,970 $ 38,613 14,833,611 $ 64,489 Exercise of stock options 74,813 125 — — 74,813 125 Private Placement 2,941,085 4,861 — — 2,941,085 4,861 Balance as of March 29, 2014 10,131,539 $ 30,862 7,717,970 $ 38,613 17,849,509 $ 69,475 Exercise of stock options 111,372 126 — — 11,372 126 Balance as of March 28, 2015 10,242,911 $ 30,988 7,717,970 $ 38,613 17,960,881 $ 69,601 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Future Payments Under Leases | Future minimum lease payments for the next five years and thereafter are as follows (in thousands): Year ending March: 2016 $ 14,794 2017 12,256 2018 9,041 2019 8,280 2020 7,452 Thereafter 21,472 $ 73,295 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Information Relating to Segments | Certain information relating to the Company’s segments for the years ended March 28, 2015, March 29, 2014, and March 30, 2013, respectively, is set forth below: Retail Other Total 2015 2014 2013 2015 2014 2013 2015 2014 2013 (In thousands) Sales to external customers $ 293,146 $ 270,630 $ 274,725 $ 8,491 $ 10,535 $ 18,034 $ 301,637 $ 281,165 $ 292,759 Inter-segment sales $ — $ — $ — $ 15,891 $ 18,320 $ 25,126 $ 15,891 $ 18,320 $ 25,126 Unadjusted gross profit $ 118,128 $ 114,210 $ 120,554 $ 5,390 $ 5,663 $ 10,612 $ 123,518 $ 119,873 $ 131,166 |
Schedule of Reconciliations of Segments Gross Profits and Certain Unallocated Costs to Consolidated Gross Profits | The following sets forth reconciliations of the segments’ gross profits and certain unallocated costs to the Company’s consolidated gross profits for the years ended March 28, 2015, March 29, 2014 and March 30, 2013: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Unadjusted gross profit $ 123,518 $ 119,873 $ 131,166 Inventory provisions (3,151 ) (3,010 ) (2,763 ) Other unallocated costs (2,551 ) (2,801 ) (2,527 ) Adjustment of intercompany profit (11 ) 605 298 Adjusted gross profit $ 117,805 $ 114,667 $ 126,174 |
Schedule of Sales to External Customers and Long-Lived Assets by Geographical Area | Sales to external customers and long-lived assets by geographical areas were as follows: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Geographic Areas Net sales: Canada $ 143,384 $ 146,277 $ 158,834 United States 158,253 134,888 133,925 $ 301,637 $ 281,165 $ 292,759 Long-lived assets: Canada $ 17,898 $ 19,484 $ 18,966 United States 13,366 13,281 9,963 $ 31,264 $ 32,765 $ 28,929 Classes of Similar Products Net sales: Jewelry and other $ 141,781 $ 148,511 $ 164,492 Timepieces 159,856 132,654 128,267 $ 301,637 $ 281,165 $ 292,759 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 28, 2015 | |
Related Party Transactions [Abstract] | |
Balance Related to Related Parties | (a) The Company is party to certain related party transactions. Balances related to these related parties are disclosed in the consolidated financial statements except the following: Fiscal Year Ended March 28, 2015 March 29, 2014 March 30, 2013 (In thousands) Transactions: Purchases of inventory from supplier related to shareholder (d) $ 189 $ — $ 262 Management fees and expense reimbursement to a related party (b) 238 188 180 Consultant fees to a related party (e) 172 156 165 Expense reimbursement to a related party (f) 241 237 241 Interest expense on cash advance received from controlling shareholder (c) 165 164 308 Wholesale distribution service payments to a related party (g) — 1 3 Balances: Accounts payable to supplier related to shareholder (d) — — 31 Accounts payable to related parties 447 57 65 Interest payable on cash advance received from controlling shareholder 136 13 14 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Organization And Description Of Business [Line Items] | |||
Additional reserve established by lenders | $ 2,500 | ||
Secured credit facility description | The Company agreed, as part of the November 2014 amendments to its senior secured credit facilities that it must meet certain minimum adjusted EBITDA levels (calculated on a twelve-month rolling basis as defined in the agreement) if the Company’s availability under its senior secured revolving credit facility is below $8.0 million for any five consecutive days. Failure to meet the minimum adjusted EBITDA covenant in the event that availability falls below $8.0 million as described above is considered an event of default, that could result in the outstanding balances borrowed under the Company’s senior secured term loan and senior secured revolving credit facility becoming due immediately. | ||
Secured credit facility | $ 8,000 | ||
Net (loss) income | (8,632) | $ (5,801) | $ 1,513 |
Net cash provided by operating activities | $ (19,100) | ||
Revolving Credit Facility [Member] | |||
Organization And Description Of Business [Line Items] | |||
Additional reserve established by lenders | 7,000 | ||
Revolving Credit Facility [Member] | Recapitalization [Member] | Maximum [Member] | |||
Organization And Description Of Business [Line Items] | |||
Additional reserve established by lenders | $ 2,500 |
Significant Accounting Polici39
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Significant Accounting Policies [Line Items] | |||
Depreciation of assets | $ 59,000 | $ 97,000 | $ 208,000 |
Amounts receivable from credit card issuers | $ 1,700,000 | $ 1,500,000 | |
Accounts receivable periods | 30 days | ||
Amortization method of intangible assets | Trademarks and tradenames are amortized using the straight-line method over a period of 15 to 20 years. | ||
Intangible assets | $ 1,800,000 | $ 1,900,000 | |
Accumulated amortization of intangible assets | $ 900,000 | 800,000 | |
Period of warranties | 3 years | ||
Asset impairment charges | $ 200,000 | 0 | 0 |
Reimbursement of advertising cost | 2,900,000 | 2,600,000 | 2,900,000 |
Advertising and marketing expense | $ 9,500,000 | $ 11,000,000 | $ 10,800,000 |
Stock Options [Member] | |||
Significant Accounting Policies [Line Items] | |||
Outstanding | 442,088 | 668,421 | 232,821 |
Warrants [Member] | |||
Significant Accounting Policies [Line Items] | |||
Outstanding | 382,693 | 382,693 | 382,693 |
Stock Appreciation Rights [Member] | |||
Significant Accounting Policies [Line Items] | |||
Outstanding | 4,347 | ||
Cost of Goods Sold [Member] | |||
Significant Accounting Policies [Line Items] | |||
Gains (losses) on foreign exchange | $ (400,000) | $ (200,000) | $ 100,000 |
Interest and Other Financial Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Gains (losses) on foreign exchange | $ 500,000 | $ 300,000 | $ 200,000 |
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Product return, Days | 90 days | ||
Consumer credit receivable charges | 18.00% | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Product return, Days | 10 days | ||
Consumer credit receivable charges | 2.90% |
Significant Accounting Polici40
Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Mar. 28, 2015 | |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | Lesser of term of the lease or the economic life |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | Lesser of term of the lease or the economic life |
Software and Electronic Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Software and Electronic Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Molds [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Molds [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 8 years |
Equipment and Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Equipment and Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 8 years |
Significant Accounting Polici41
Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Numerator: | |||
Net (loss) income | $ (8,632) | $ (5,801) | $ 1,513 |
Denominator: | |||
Weighted-average common shares outstanding | 17,937 | 16,617 | 13,538 |
(Loss) income per common share | $ (0.48) | $ (0.35) | $ 0.11 |
Numerator: | |||
Net (loss) income | $ (8,632) | $ (5,801) | $ 1,513 |
Denominator: | |||
Weighted-average common shares outstanding | 17,937 | 16,617 | 13,538 |
Dilutive effect of stock options, warrants and stock appreciation rights (SARs) | 6 | ||
Weighted-average common shares outstanding - diluted | 17,937 | 16,617 | 13,544 |
Diluted (loss) income per common share | $ (0.48) | $ (0.35) | $ 0.11 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivables (Detail) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Receivables [Abstract] | ||
Customer trade receivables | $ 5,384 | $ 5,777 |
Other receivables | 2,312 | 1,557 |
Total | $ 7,696 | $ 7,334 |
Accounts Receivable - Additiona
Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Accounts Receivables [Line Items] | ||
Customer trade receivables | $ 5,384 | $ 5,777 |
Outstanding amount of receivables | 8,000 | |
Non Accrual [Member] | ||
Accounts Receivables [Line Items] | ||
Customer trade receivables | $ 300 | 200 |
Payment period of term loan | Revolving lines of credit and/or installment plans under which the payment terms exceed one year. | |
Outstanding amount of receivables | $ 4,100 | $ 2,700 |
Accounts Receivable - Schedule
Accounts Receivable - Schedule of Continuity of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Receivables [Abstract] | |||
Beginning balance | $ 1,806 | $ 2,109 | $ 2,465 |
Additional provision recorded | 613 | ||
Reduction in provision recorded | (7) | (23) | |
Net write-offs | (160) | (296) | (333) |
Ending balance | $ 2,259 | $ 1,806 | $ 2,109 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 5,587 | $ 3,914 |
Work in progress | 84 | 541 |
Retail inventories and manufactured finished goods | 130,068 | 140,189 |
Total inventory | $ 135,739 | $ 144,644 |
Inventories - Continuity of Obs
Inventories - Continuity of Obsolescence Reserve for Inventory (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Inventory Disclosure [Abstract] | |||
Beginning balance | $ 2,514 | $ 3,557 | $ 4,680 |
Additional charges | 1,545 | 1,214 | 1,304 |
Deductions | (1,313) | (2,257) | (2,427) |
Ending balance | $ 2,746 | $ 2,514 | $ 3,557 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 86,837 | $ 95,977 |
Accumulated depreciation | (58,293) | (65,054) |
Property and equipment, Net | 28,544 | 30,923 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 5,178 | 5,887 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 7,664 | 8,690 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 41,153 | 46,779 |
Accumulated depreciation | (7,000) | |
Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 2,083 | 2,269 |
Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 934 | 1,141 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 9,914 | 9,760 |
Software and Electronic Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 19,911 | $ 21,451 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and plant under capital lease arrangement, cost | $ 86,837 | $ 95,977 |
Gross fixed assets write down | 58,293 | 65,054 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and plant under capital lease arrangement, cost | 18,800 | 19,300 |
Property and plant under capital lease arrangement, net book value | 10,600 | 11,700 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and plant under capital lease arrangement, cost | 41,153 | $ 46,779 |
Gross fixed assets write down | $ 7,000 |
Bank Indebtedness - Additional
Bank Indebtedness - Additional Information (Detail) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||
Nov. 30, 2014USD ($) | Mar. 28, 2015USD ($) | Mar. 28, 2015USD ($) | Mar. 28, 2015CAD | Mar. 29, 2014USD ($) | Feb. 10, 2014USD ($) | Jan. 20, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Bank indebtedness | $ 64,347,000 | $ 64,347,000 | $ 73,941,000 | ||||
Reduction in the interest rate charged | 0.25% | 0.25% | |||||
Line of Credit Facility Expiration Date | Jun. 30, 2015 | Jun. 30, 2015 | |||||
Interest rate on senior secured term loan | 9.50% | 9.50% | |||||
Libor plus interest | 6.50% | 6.50% | |||||
Irrevocable letter of credit | $ 5,000,000 | $ 5,000,000 | |||||
Additional reserve established by lenders | 2,500,000 | ||||||
Additional financial support agreed | CAD | CAD 5,000,000 | ||||||
Fee payable to lenders | 1,400,000 | ||||||
Discretionary reserve limit | 5.00% | ||||||
Supplemental availability reserve | 0 | 2,500,000 | |||||
Senior secured revolving credit facility, increase or decrease | 107,000 | ||||||
Senior secured revolving credit facility, excess availability | 12,900,000 | 12,900,000 | |||||
Senior secured revolving credit facility, seasonal availability block | $ 5,000,000 | $ 12,500,000 | |||||
Minimum excess availability | 30,000,000 | 30,000,000 | |||||
Mortgage on moveable property (general) under the Civil Code (Quebec) | $ 225,958,000 | CAD 250,000,000 | |||||
Recapitalization [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility Expiration Date | Feb. 10, 2015 | Feb. 10, 2015 | |||||
Additional financial support agreed | CAD | CAD 5,000,000 | ||||||
Investissement Quebec [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Additional financial support agreed | $ 2,200,000 | CAD 2,500,000 | |||||
Senior Notes [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Secured Long Term Debt | 18,000,000 | $ 18,000,000 | |||||
Extended Maturity Date [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility Expiration Date | Aug. 22, 2017 | Aug. 22, 2017 | |||||
Fixed interest rate | 8.77% | 8.77% | |||||
Extended Maturity Date [Member] | Recapitalization [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility Expiration Date | Jan. 31, 2016 | Jan. 31, 2016 | |||||
Senior Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Senior Secured Credit Facility | $ 110,000,000 | 115,000,000 | |||||
Extended Maturity Date One [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility Expiration Date | Aug. 22, 2018 | Aug. 22, 2018 | |||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Additional reserve established by lenders | $ 7,000,000 | ||||||
Senior secured revolving credit facility reserve | 10,000,000 | $ 10,000,000 | |||||
Additional financial support agreed | CAD | CAD 3,000,000 | ||||||
Senior Secured Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Senior Secured Credit Facility | $ 33,000,000 | $ 28,000,000 | |||||
Interest rate on senior secured term loan | 12.50% | ||||||
Secured term loan rate of interest | 8.77% | 8.77% | |||||
Senior Secured Term Loan [Member] | Recapitalization [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Secured term loan rate of interest | 11.00% | 11.00% | |||||
June 2014 Amendment [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt extinguishment loss | $ 1,000,000 | ||||||
November 2014 Amendment [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt extinguishment loss | 1,600,000 | ||||||
Senior secured credit facility extended revolving [Member] | Senior Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Senior Secured Credit Facility | $ 28,000,000 | $ 28,000,000 | |||||
Debt Instrument Tranche One [Member] | Senior Secured Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Libor plus interest | 9.75% | ||||||
Debt Instrument Tranche Two [Member] | Senior Secured Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Libor plus interest | 7.25% | ||||||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility Interest rate-Fixed percentage added to LIBOR | 2.75% | 2.75% | |||||
Aggregate dividend payment | 33.00% | 33.00% | |||||
Fixed charge coverage ratio | 1.30 | 1.30 | |||||
Maximum [Member] | Recapitalization [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Percentage of changes in the cash flow | 12.50% | 12.50% | |||||
Maximum [Member] | Senior Secured Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Senior secured revolving credit facility reserve | $ 8,000,000 | ||||||
Maximum [Member] | Revolving Credit Facility [Member] | Recapitalization [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Additional reserve established by lenders | $ 2,500,000 | ||||||
Maximum [Member] | Senior Secured Term Loan [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Secured term loan rate of interest | 12.50% | 12.50% | |||||
Minimum [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit Facility Interest rate-Fixed percentage added to LIBOR | 2.00% | 2.00% | |||||
Fixed charge coverage ratio | 1 | 1 | |||||
Minimum [Member] | Recapitalization [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Percentage of changes in the cash flow | 10.00% | 10.00% |
Bank Indebtedness - Summary of
Bank Indebtedness - Summary of Company's Senior Credit Facility (Detail) - Senior Secured Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Line of Credit Facility [Line Items] | ||
Maximum borrowing outstanding during the year | $ 86,450 | $ 93,184 |
Average outstanding balance during the year | $ 73,207 | $ 78,164 |
Weighted average interest rate for the year | 3.30% | 3.40% |
Effective interest rate at year-end | 3.20% | 3.30% |
Long-term debt - Summary of Lon
Long-term debt - Summary of Long Term Debt (Detail) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt and Capital lease obligations | $ 56,784 | $ 54,750 |
Long-term debt and Capital lease obligations | 56,784 | 54,750 |
Current portion of long-term debt | 4,745 | 4,537 |
Long-term debt | 52,039 | 50,213 |
Capital Leasing Arrangements [Member] | Land and Building [Member] | ||
Debt Instrument [Line Items] | ||
Obligation under capital leases | 10,211 | 12,151 |
Term Loan from Investissement Quebec Prime Plus Seven Percent [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,643 | 4,519 |
Term Loan from Investissement Quebec Prime Plus Five Point Five Percent [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,478 | 4,708 |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 33,000 | 28,000 |
Secured Debt [Member] | Furniture and Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Obligation under capital leases | 3,362 | 3,872 |
Cash Contribution [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,500 | $ 1,500 |
Term Loan from Investissement Quebec Prime Plus Ten Percent [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,590 |
Long-term debt - Summary of L52
Long-term debt - Summary of Long Term Debt (Parenthetical) (Detail) | 12 Months Ended | |||||
Mar. 28, 2015USD ($)Installment | Mar. 28, 2015CADInstallment | Mar. 29, 2014USD ($)Installment | Mar. 29, 2014CADInstallment | Mar. 28, 2015CAD | Mar. 29, 2014CAD | |
Debt Instrument [Line Items] | ||||||
Secured long term debt | 9.50% | 9.50% | ||||
Line of Credit Facility Expiration Date | Jun. 30, 2015 | Jun. 30, 2015 | ||||
Capital Leasing Arrangements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument Interest Rate Stated Percentage Rate Range Minimum | 6.00% | 6.00% | 6.00% | 6.00% | ||
Debt Instrument Interest Rate Stated Percentage Rate Range Maximum | 10.00% | 10.00% | 10.00% | 10.00% | ||
Term Loan from Investissement Quebec Prime Plus Seven Percent [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 3,643,000 | $ 4,519,000 | ||||
Annual rate of prime plus | 7.00% | 7.00% | 7.00% | 7.00% | ||
Number of installments | Installment | 60 | 60 | 60 | 60 | ||
Capital repayments | $ 66,242 | CAD 83,333 | $ 66,242 | CAD 83,333 | ||
Balance of term loan | CAD | CAD 4,600,000 | CAD 5,000,000 | ||||
Term Loan from Investissement Quebec Prime Plus Five Point Five Percent [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 3,478,000 | $ 4,708,000 | ||||
Annual rate of prime plus | 5.50% | 5.50% | 5.50% | 5.50% | ||
Number of installments | Installment | 48 | 48 | 48 | 48 | ||
Capital repayments | $ 165,607 | CAD 208,333 | $ 165,607 | CAD 208,333 | ||
Balance of term loan | CAD | CAD 4,375,000 | CAD 5,208,000 | ||||
Land and Building [Member] | Capital Leasing Arrangements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Sale Leaseback transaction implicit annual interest | 10.74% | 10.74% | 10.74% | 10.74% | ||
Capital lease period | 20 years | 20 years | 20 years | 20 years | ||
Repayments Of Debt And Capital Lease Obligations | $ 133,356 | CAD 167,762 | $ 133,356 | CAD 167,762 | ||
Outstanding amount of repayment | CAD | CAD 12,846,000 | CAD 13,444,000 | ||||
Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 33,000,000 | $ 28,000,000 | ||||
Term Loan Facility [Member] | Senior Subordinated Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured long term debt | 8.77% | 8.77% | 8.77% | 8.77% | ||
Line of Credit Facility Expiration Date | Aug. 31, 2018 | Aug. 31, 2018 | Aug. 31, 2018 | Aug. 31, 2018 | ||
Term Loan Facility [Member] | Senior Subordinated Loans [Member] | LIBOR Plus 9.75% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 28,000,000 | |||||
Interest rate description | LIBOR plus 9.75% | LIBOR plus 9.75% | ||||
Long-term debt interest rate | 9.75% | 9.75% | ||||
Term Loan Facility [Member] | Senior Subordinated Loans [Member] | LIBOR Plus 7.25% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 5,000,000 | |||||
Interest rate description | LIBOR plus 7.25% | LIBOR plus 7.25% | ||||
Long-term debt interest rate | 7.25% | 7.25% | ||||
Cash Contribution [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 1,500,000 | $ 1,500,000 | ||||
Interest on Cash advances | 11.00% | 11.00% | 11.00% | 11.00% | ||
Term Loan from Investissement Quebec Prime Plus Ten Percent [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 1,590,000 | |||||
Annual rate of prime plus | 10.00% | 10.00% | 10.00% | 10.00% | ||
Capital repayment period | 48 months | 48 months | 48 months | 48 months | ||
Periodic principal payment due | $ 33,334 | CAD 41,667 | $ 33,334 | CAD 41,667 | ||
Outstanding amount of repayment | CAD | CAD 2,000,000 |
Long-term debt - Summary of Fut
Long-term debt - Summary of Future Minimum Lease Payments for Capital Leases (Detail) $ in Thousands | Mar. 28, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 3,615 |
2,017 | 3,051 |
2,018 | 2,261 |
2,019 | 1,799 |
2,020 | 1,760 |
Thereafter | 6,498 |
Minimum Capital Lease Payments | 18,984 |
Less imputed interest | 5,411 |
Total | $ 13,573 |
Long-term debt - Summary of Pri
Long-term debt - Summary of Principal Payment on Long Term Debt Including Obligation Under Capital Lease (Detail) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 4,745 | |
2,017 | 5,123 | |
2,018 | 2,517 | |
2,019 | 35,171 | |
2,020 | 1,684 | |
Thereafter | 7,544 | |
Long-term debt and Capital lease obligations | $ 56,784 | $ 54,750 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Mar. 28, 2015USD ($) | Mar. 28, 2015CAD | Dec. 11, 2014USD ($) | Dec. 11, 2014CAD | Mar. 29, 2014USD ($) | |
Debt Disclosure [Abstract] | |||||
Outstanding letters of credit | $ 1 | $ 1.9 | |||
Lease period | 20 years | ||||
Annual rent rate | $ 1.6 | CAD 2,013,138 | $ 1.6 | CAD 2,013,138 | |
Increase in percentage of annual rent rate | 10.00% | 10.00% | |||
Condition for lease agreement | The Company has four options to renew and extend the term of the lease for four further terms of five years each, except for the last option which is five years less eleven days, terminating on November 30, 2040. Subject to specific terms and conditions, the Company also has two options to purchase the premises, which may be exercised no later than six months prior to the end of the fifteenth year of the term of the lease and the end of the twentieth year of the term of the lease, respectively. |
Benefit Plans and Stock-Based56
Benefit Plans and Stock-Based Compensation - Additional Information (Detail) | 12 Months Ended | |||
Mar. 28, 2015USD ($)$ / sharesshares | Mar. 29, 2014USD ($)$ / sharesshares | Mar. 30, 2013USD ($)shares | Mar. 31, 2012shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding | 441,162 | 664,585 | 624,618 | 496,118 |
Share-based payment arrangements | $ | $ 0 | $ 0 | $ 0 | |
Outstanding warrants | 382,693 | |||
Weighted average exercise price | $ / shares | $ 3.42 | |||
Warrant expiry date | Aug. 20, 2022 | |||
Payment portion of LTCIP value at the end of first three year | 0.33 | |||
Payment portion of LTCIP value thereafter | 0.33 | |||
Maximum percentage of CO's total earnings before tax for three years | 10.00% | |||
Target incentive compensation level for the first three year cycle | $ | $ 2,067,000 | |||
Percentage of total payout capped | 200.00% | |||
Share Based Compensation Payout Ratio Under Long Term Cash Incentive Plan | 0.33 | |||
Percentage of amount payable at the end of three year | 50.00% | |||
Percentage Of Remaining Amount Payable One Year Thereafter | 50.00% | |||
Class A Voting Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of outstanding options | $ | $ 137,000 | |||
Unrecognized compensation, non-vested portion of stock option | $ | 100,000 | |||
Total compensation cost for recognized earning | $ | $ 76,000 | $ 143,000 | $ 118,000 | |
Amended Birks Employee Stock Option Plan [Member] | Class A Voting Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price | $ / shares | $ 1.05 | |||
Options granted | 6,162 | 6,454 | 6,674 | |
Compensation expense | $ | $ 0 | $ 0 | $ 0 | |
Stock Compensation Plan [Member] | Class A Voting Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee stock option description | Birks ESOP | |||
Combined Equity Award Plans [Member] | Class A Voting Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized issuance of shares | 1,304,025 | |||
Mayors Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding | 926 | 3,836 | 9,081 | 217,746 |
Compensation expense | $ | $ 0 | $ 0 | $ 0 | |
Options outstanding, Weighted average remaining life (years) | 5 years 1 month 6 days | |||
Employee Stock Purchase Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional shares issued | 0 | 0 | 0 | |
Additional shares to be issued under this plan | No additional shares will be issued under this plan | |||
Employee Stock Purchase Plans [Member] | Class A Voting Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized issuance of shares | 100,000 | |||
Common stock purchase percent | 85.00% | |||
Outstanding shares | 99,995 | |||
Profit Sharing 401 K Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of employee contribution | 25.00% | |||
Percentage of employee compensation | 4.00% | |||
Company matching contributions after exercise of its right to cancel future matching contributions | $ | $ 0 | $ 0 | $ 0 | |
Long Term Incentive Plan [Member] | Class A Voting Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized issuance of shares | 900,000 | |||
Long term incentive plan stock appreciation rights, weighted average exercise price | $ / shares | $ 1.77 | |||
Options outstanding | 435,000 | |||
Stock options issued | 50,000 | 165,000 | ||
Vesting period | 3 years | |||
Exercise price | $ / shares | $ 1.94 | $ 1.16 | ||
Expiration period | 10 years | |||
Weighted Average Grant Date Fair Value | $ / shares | $ 1.71 | $ 1.02 | ||
Dividend yield | 0.00% | |||
Expected volatility | 94.80% | 94.50% | ||
Risk free interest rate | 2.04% | 2.19% | ||
Weighted average expected term | 10 years | |||
Long Term Incentive Plan [Member] | Stock Appreciation Rights [Member] | Class A Voting Share [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock appreciation rights granted | 125,320 |
Benefit Plans and Stock-Based57
Benefit Plans and Stock-Based Compensation - Summary of Activity of Stock Option Plans and Arrangements (Detail) - $ / shares | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding Beginning balance | 664,585 | 624,618 | 496,118 |
Granted | 50,000 | 165,000 | 130,000 |
Exercised | (111,372) | (74,813) | |
Expired | (15,000) | ||
Forfeited | (147,051) | (50,220) | (1,500) |
Outstanding Ending balance | 441,162 | 664,585 | 624,618 |
Outstanding Beginning balance | $ 1.21 | $ 1.18 | $ 1.26 |
Granted | 1.94 | 1.16 | 0.89 |
Exercised | 1.04 | 1 | |
Expired | 7.73 | ||
Forfeited | 1.10 | 1.07 | 3.28 |
Outstanding Ending balance | $ 1.15 | $ 1.21 | $ 1.18 |
Benefit Plans and Stock-Based58
Benefit Plans and Stock-Based Compensation - Summary of Status of Stock Options (Detail) - $ / shares | 12 Months Ended | |||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Weighted average exercise price | $ 1.15 | $ 1.21 | $ 1.18 | $ 1.26 |
Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price, Upper limit | 0.84 | |||
Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price, Lower limit | 0.89 | |||
Exercise price, Upper limit | 1 | |||
Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price, Lower limit | 1.01 | |||
Exercise price, Upper limit | 1.05 | |||
Range Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price, Lower limit | 1.25 | |||
Exercise price, Upper limit | 1.66 | |||
Range Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price, Lower limit | 1.67 | |||
Exercise price, Upper limit | $ 1.94 | |||
Options Outstanding [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 441,162 | |||
Options outstanding, Weighted average remaining life (years) | 7 years 7 months 6 days | |||
Options outstanding, Weighted average exercise price | $ 1.15 | |||
Options Outstanding [Member] | Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 100,000 | |||
Options outstanding, Weighted average remaining life (years) | 8 years 22 days | |||
Options outstanding, Weighted average exercise price | $ 0.84 | |||
Options Outstanding [Member] | Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 65,000 | |||
Options outstanding, Weighted average remaining life (years) | 7 years 7 months 6 days | |||
Options outstanding, Weighted average exercise price | $ 0.89 | |||
Options Outstanding [Member] | Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 156,162 | |||
Options outstanding, Weighted average remaining life (years) | 6 years 8 months 12 days | |||
Options outstanding, Weighted average exercise price | $ 1.04 | |||
Options Outstanding [Member] | Range Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 70,000 | |||
Options outstanding, Weighted average remaining life (years) | 7 years 2 months 12 days | |||
Options outstanding, Weighted average exercise price | $ 1.48 | |||
Options Outstanding [Member] | Range Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding, Number outstanding | 50,000 | |||
Options outstanding, Weighted average remaining life (years) | 9 years 9 months 18 days | |||
Options outstanding, Weighted average exercise price | $ 1.94 | |||
Options Exercisable [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 229,495 | |||
Options exercisable, Weighted average exercise price | $ 1.04 | |||
Options Exercisable [Member] | Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 0 | |||
Options exercisable, Weighted average exercise price | $ 0 | |||
Options Exercisable [Member] | Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 43,333 | |||
Options exercisable, Weighted average exercise price | $ 0.89 | |||
Options Exercisable [Member] | Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 156,162 | |||
Options exercisable, Weighted average exercise price | $ 1.04 | |||
Options Exercisable [Member] | Range Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 30,000 | |||
Options exercisable, Weighted average exercise price | $ 1.25 | |||
Options Exercisable [Member] | Range Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercisable, Number exercisable | 0 | |||
Options exercisable, Weighted average exercise price | $ 0 |
Benefit Plans and Stock-Based59
Benefit Plans and Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Beginning balance | 664,585 | 624,618 | 496,118 |
Outstanding Ending balance | 441,162 | 664,585 | 624,618 |
Outstanding Beginning balance | $ 1.21 | $ 1.18 | $ 1.26 |
Outstanding Ending balance | $ 1.15 | $ 1.21 | $ 1.18 |
Mayors Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding Beginning balance | 3,836 | 9,081 | 217,746 |
Expired | (2,910) | (5,245) | (208,665) |
Outstanding Ending balance | 926 | 3,836 | 9,081 |
Outstanding Beginning balance | $ 5.19 | $ 7.18 | $ 6.06 |
Expired | 6.51 | 8.63 | 6.01 |
Outstanding Ending balance | $ 1.05 | $ 5.19 | $ 7.18 |
Benefit Plans and Stock-Based60
Benefit Plans and Stock-Based Compensation - Summary of Stock Option Plans (Detail) - $ / shares | 12 Months Ended | |||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number outstanding | 441,162 | 664,585 | 624,618 | 496,118 |
Options outstanding and exercisable Weighted average exercise price | $ 1.15 | $ 1.21 | $ 1.18 | $ 1.26 |
Mayors Stock Option Plan [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number outstanding | 926 | 3,836 | 9,081 | 217,746 |
Options outstanding and exercisable Weighted average remaining life (years) | 5 years 1 month 6 days | |||
Options outstanding and exercisable Weighted average exercise price | $ 1.05 | $ 5.19 | $ 7.18 | $ 6.06 |
Mayors Stock Option Plan [Member] | Exercise Prices ($ 1.05) [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of exercise price, Upper limit | $ 1.05 | |||
Number outstanding | 926 | |||
Options outstanding and exercisable Weighted average remaining life (years) | 5 years 1 month 6 days | |||
Options outstanding and exercisable Weighted average exercise price | $ 1.05 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) | 12 Months Ended | |||
Mar. 28, 2015USD ($) | Mar. 28, 2015CAD | Mar. 29, 2014USD ($) | Mar. 30, 2013USD ($) | |
Tax Credit Carryforward [Line Items] | ||||
Accrued interest or penalties related to uncertain tax positions | $ 0 | |||
Non cash valuation allowance | 58,798,000 | $ 56,809,000 | ||
Federal tax payable | 0 | $ 18,000 | $ 5,800 | |
Alternative Minimum Tax Credit [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Investment tax credits | 1,000,000 | |||
Foreign Tax Authority [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal non capital losses | $ 106,500,000 | |||
Federal net operating loss carry forwards expiration Dates | Beginning in fiscal 2020 through fiscal 2034 | |||
Domestic Tax Authority [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal non capital losses | $ 20,700,000 | CAD 26,100,000 | ||
Domestic Tax Authority [Member] | Investment Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Investment tax credits | $ 207,000 | CAD 260,000 | ||
Expire date | Between 2022 and 2035 | |||
Foreign Country Section Three Eight Two Limitation [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Pre-acquisition net operating loss | $ 35,300,000 | |||
Pre-acquisition net operating loss limited | 953,000 | |||
State and Local Jurisdiction [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Federal non capital losses | $ 99,100,000 | |||
Federal net operating loss carry forwards expiration Dates | Beginning in fiscal 2018 through fiscal 2034 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Mar. 28, 2015 | Mar. 29, 2014 |
Deferred tax assets: | ||
Loss and tax credit carry forwards | $ 42,619 | $ 41,889 |
Difference between book and tax basis of property and equipment | 2,513 | 2,344 |
Interest expense limitations carry forward | 9,069 | 7,525 |
Inventory allowances | 529 | 608 |
Other reserves not currently deductible | 850 | 724 |
Capital lease obligation | 2,696 | 3,204 |
Expenses not currently deductible | 378 | 419 |
Other | 144 | 96 |
Net deferred tax asset before valuation allowance | 58,798 | 56,809 |
Valuation allowance | (58,798) | (56,809) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits at the beginning of the year | $ 0 | $ 0 |
Gross increase - tax position in current period | 89 | 183 |
Applied against certain element of deferred tax assets | (89) | (183) |
Unrecognized tax benefits at the end of the year | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 77 | $ 183 | $ 299 |
Deferred | (2,636) | (1,525) | 393 |
Valuation allowance | $ 2,559 | 1,360 | (672) |
Income tax expense | $ 18 | $ 20 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Canadian statutory rate | 26.40% | 26.40% | 26.20% |
Rate differential for U.S. operations | 5.10% | 2.00% | (7.30%) |
Adjustment to valuation allowance | (30.70%) | (26.80%) | 21.00% |
Utilization of unrecognized losses and other tax attributes | 0.00% | 0.00% | (45.30%) |
Permanent differences and other | (0.80%) | (2.10%) | 6.70% |
Total | 0.00% | (0.50%) | 1.30% |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2013USD ($)$ / sharesshares | Mar. 28, 2015Class$ / shares | Mar. 29, 2014$ / shares | |
Class of Stock [Line Items] | |||
Preferred shares par value | |||
Number of classes of common stock outstanding | Class | 2 | ||
Debentures converted to voting shares, value | $ | $ 5,000,000 | ||
Annual interest rate of debentures sold under private placement | 6.00% | ||
Debenture conversion price | $ 1.30 | ||
Montrovest BV [Member] | |||
Class of Stock [Line Items] | |||
Debentures converted to voting shares | shares | 2,828,634 | ||
Class A Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock voting rights per share | $ 1 | ||
Debentures converted to voting shares, value | $ | $ 5,000,000 | ||
Annual interest rate of debentures sold under private placement | 6.00% | ||
Debenture conversion price | $ 1.70 | ||
Debentures converted to voting shares | shares | 2,941,085 | ||
Class A Common Stock [Member] | Montrovest BV [Member] | |||
Class of Stock [Line Items] | |||
Debentures converted to voting shares, value | $ | $ 4,800,000 | ||
Net proceeds after expense on debenture conversion | $ | $ 4,861,000 | ||
Debentures converted to voting shares | shares | 2,828,634 | ||
Class B Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common stock voting rights per share | $ 10 |
Capital Stock - Summary of Comm
Capital Stock - Summary of Common Stock Outstanding (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 28, 2015 | Mar. 29, 2014 | |||
Class of Stock [Line Items] | ||||
Beginning Balance, Shares | 17,849,509 | 14,833,611 | ||
Exercise of stock options, Shares | 111,372 | 74,813 | ||
Private Placement, Shares | 2,941,085 | |||
Ending Balance, Shares | 17,960,881 | 17,849,509 | ||
Balance as of beginning balance | $ 69,475 | $ 64,489 | ||
Exercise of stock options | 116 | 74 | ||
Private Placement | 4,861 | |||
Balance as of ending balance | $ 69,601 | $ 69,475 | ||
Class A Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning Balance, Shares | 10,131,539 | 7,115,641 | ||
Exercise of stock options, Shares | 111,372 | 74,813 | ||
Private Placement, Shares | 2,941,085 | |||
Ending Balance, Shares | 10,242,911 | 10,131,539 | ||
Balance as of beginning balance | $ 30,862 | [1] | $ 25,876 | |
Exercise of stock options | 126 | 125 | ||
Private Placement | 4,861 | |||
Balance as of ending balance | [1] | $ 30,988 | $ 30,862 | |
Class B Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning Balance, Shares | 7,717,970 | 7,717,970 | ||
Ending Balance, Shares | 7,717,970 | 7,717,970 | ||
Balance as of beginning balance | $ 38,613 | [1] | $ 38,613 | |
Balance as of ending balance | [1] | $ 38,613 | $ 38,613 | |
[1] | unlimited shares authorized |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - Mar. 28, 2015 - USD ($) $ in Thousands | Total |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ 2,604 |
Severance charge | 1,400 |
Employee retention related charges | 600 |
Loss on sublet of Tamarac facility included in restructuring charges | 500 |
Commission costs associated with sublease agreement included in restructuring charges | 100 |
Additional restructuring charges expected | 600 |
Accounts Payable and Accrued Liabilities [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Accounts payable and accrued liabilities related to restructuring charges | 1,400 |
Payments for restructuring cahrges | $ 1,200 |
Commitments - Minimum Future Pa
Commitments - Minimum Future Payments Under Leases (Detail) $ in Thousands | Mar. 28, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 14,794 |
2,017 | 12,256 |
2,018 | 9,041 |
2,019 | 8,280 |
2,020 | 7,452 |
Thereafter | 21,472 |
Operating Leases, Future Minimum Payments Due, Total | $ 73,295 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 23.4 | $ 24.3 | $ 25.2 |
Contingent rent expense | $ 0.7 | $ 0.3 | $ 0.4 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Contingencies [Line Items] | |||
Guaranteed amount of private label credit card sales | $ 6.8 | $ 5 | |
Reserve associated with guaranteed credit card sales | $ 0.2 | $ 0.4 | |
Jewelry products purchased | $ 10.6 | ||
Minimum annual payments | $ 5.6 | ||
Purchase made to replenish jewelry products, Period of payment | 90 days | ||
Return of unsold Damiani products | $ 5 | ||
Renewed and Amended Distribution Agreement [Member] | |||
Contingencies [Line Items] | |||
Minimum annual payments | $ 1 | ||
Purchase made to replenish jewelry products, Period of payment | 60 days | ||
Exchangeable amount of unsold products permitted | $ 2 | ||
Return of unsold Damiani products | $ 4 | ||
Purchase [Member] | Prime Investments S.A. [Member] | Supplier Concentration Risk [Member] | |||
Contingencies [Line Items] | |||
Percentage of annualized cost basis | 45.00% |
Segmented Information - Additio
Segmented Information - Additional Information (Detail) - Mar. 28, 2015 | StoreSegmentLocation |
Segment Information [Line Items] | |
Number of reportable segment | Segment | 2 |
Birks Brand [Member] | Retail Segment [Member] | |
Segment Information [Line Items] | |
Number of retail stores | 30 |
Mayors Brand [Member] | Retail Segment [Member] | |
Segment Information [Line Items] | |
Number of retail stores | 18 |
Rolex Brand [Member] | Retail Segment [Member] | |
Segment Information [Line Items] | |
Number of retail stores | 1 |
Brinkhaus Brand [Member] | Retail Segment [Member] | |
Segment Information [Line Items] | |
Number of retail locations | Location | 2 |
Segmented Information - Schedul
Segmented Information - Schedule of Information Relating to Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Segment Reporting Information [Line Items] | |||
Sales to external customers | $ 301,637 | $ 281,165 | $ 292,759 |
Unadjusted gross profit | 123,518 | 119,873 | 131,166 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-segment sales | 15,891 | 18,320 | 25,126 |
Retail Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Unadjusted gross profit | 118,128 | 114,210 | 120,554 |
Retail Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 293,146 | 270,630 | 274,725 |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Unadjusted gross profit | 5,390 | 5,663 | 10,612 |
Other Segments [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Sales to external customers | 8,491 | 10,535 | 18,034 |
Other Segments [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Inter-segment sales | $ 15,891 | $ 18,320 | $ 25,126 |
Segmented Information - Sched74
Segmented Information - Schedule of Reconciliations of Segments Gross Profits and Certain Unallocated Costs to Consolidated Gross Profits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Segment Reporting [Abstract] | |||
Unadjusted gross profit | $ 123,518 | $ 119,873 | $ 131,166 |
Inventory provisions | (3,151) | (3,010) | (2,763) |
Other unallocated costs | (2,551) | (2,801) | (2,527) |
Adjustment of intercompany profit | (11) | 605 | 298 |
Adjusted gross profit | $ 117,805 | $ 114,667 | $ 126,174 |
Segmented Information - Sched75
Segmented Information - Schedule of Sales to External Customers and Long-Lived Assets by Geographical Areas (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales, total | $ 301,637 | $ 281,165 | $ 292,759 |
Long-lived assets, total | 31,264 | 32,765 | 28,929 |
Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales, total | 143,384 | 146,277 | 158,834 |
Long-lived assets, total | 17,898 | 19,484 | 18,966 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales, total | 158,253 | 134,888 | 133,925 |
Long-lived assets, total | 13,366 | 13,281 | 9,963 |
Jewelry and Other [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales, total | 141,781 | 148,511 | 164,492 |
Timepieces [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales, total | $ 159,856 | $ 132,654 | $ 128,267 |
Related Party Transactions - Ba
Related Party Transactions - Balance Related to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Related Party Transactions [Abstract] | |||
Purchases of inventory from supplier related to shareholder | $ 189 | $ 262 | |
Management fees and expense reimbursement to a related party | 238 | $ 188 | 180 |
Consultant fees to a related party | 172 | 156 | 165 |
Expense reimbursement to a related party | 241 | 237 | 241 |
Interest expense on cash advance received from controlling shareholder | 165 | 164 | 308 |
Wholesale distribution service payments to a related party | 1 | 3 | |
Accounts payable to supplier related to shareholder | 31 | ||
Accounts payable to related parties | 447 | 57 | 65 |
Interest payable on cash advance received from controlling shareholder | $ 136 | $ 13 | $ 14 |
Related party transactions - Ad
Related party transactions - Additional Information (Detail) | Jun. 08, 2011EUR (€) | Jun. 30, 2015 | Apr. 30, 2015 | Jun. 30, 2014USD ($) | Jun. 30, 2014CHF (SFr) | Aug. 31, 2013USD ($)$ / sharesshares | Aug. 31, 2012USD ($) | Jun. 30, 2011USD ($) | Apr. 30, 2011 | Jun. 30, 2009USD ($) | Jun. 30, 2009CAD | May. 31, 2009USD ($) | Feb. 28, 2009USD ($) | Aug. 31, 2002 | Mar. 28, 2015USD ($) | Mar. 28, 2015EUR (€) | Mar. 29, 2014USD ($) | Mar. 29, 2014EUR (€) | Mar. 30, 2013USD ($) | Feb. 28, 2015USD ($) | Feb. 28, 2015CAD |
Related Party Transaction [Line Items] | |||||||||||||||||||||
Irrevocable letter of credit | $ 5,000,000 | ||||||||||||||||||||
Legal fees incurred | 447,000 | $ 57,000 | $ 65,000 | ||||||||||||||||||
Percentage of purchase price on cost | 45.00% | ||||||||||||||||||||
Purchase price of diamonds | 189,000 | 262,000 | |||||||||||||||||||
Related party expenses | 241,000 | 237,000 | 241,000 | ||||||||||||||||||
Debentures converted to voting shares, value | $ 5,000,000 | ||||||||||||||||||||
Annual interest rate of debentures | 6.00% | ||||||||||||||||||||
Voting shares conversion price | $ / shares | $ 1.30 | ||||||||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Debentures converted to voting shares, value | $ 5,000,000 | ||||||||||||||||||||
Annual interest rate of debentures | 6.00% | ||||||||||||||||||||
Debentures converted to voting shares | shares | 2,941,085 | ||||||||||||||||||||
Voting shares conversion price | $ / shares | $ 1.70 | ||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Agreement additional renewal term | 1 year | ||||||||||||||||||||
Montrovest BV [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Amount paid to related party | € 140,000 | $ 178,000 | € 140,000 | 188,000 | € 140,000 | ||||||||||||||||
Notice days for non renewal | 60 days | ||||||||||||||||||||
Irrevocable letter of credit | $ 5,000,000 | ||||||||||||||||||||
Legal fees incurred | $ 60,000 | CAD 75,000 | |||||||||||||||||||
Cash received from related party | $ 3,000,000 | $ 2,000,000 | |||||||||||||||||||
Annual interest rate | 11.00% | 16.00% | 16.00% | ||||||||||||||||||
Effective interest rate | 12.20% | 17.80% | |||||||||||||||||||
Fee as a percentage of outstanding principal amount | 7.00% | 7.00% | |||||||||||||||||||
Cash received from related party | $ 5,000,000 | ||||||||||||||||||||
Transaction amount | 75,000 | ||||||||||||||||||||
Partial repayment of cash advance | $ 3,500,000 | ||||||||||||||||||||
Debentures converted to voting shares | shares | 2,828,634 | ||||||||||||||||||||
Montrovest BV [Member] | Class A Common Stock [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Debentures converted to voting shares, value | $ 4,800,000 | ||||||||||||||||||||
Debentures converted to voting shares | shares | 2,828,634 | ||||||||||||||||||||
Montrovest BV [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Agreement additional renewal term | 1 year | ||||||||||||||||||||
Montrovest BV [Member] | Minimum [Member] | Potential Transaction [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Net cash proceeds from an equity issuance | $ 5,000,000 | ||||||||||||||||||||
Regaluxe [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Amount paid to related party | $ 0 | 1,000 | |||||||||||||||||||
Related party expenses | 241,000 | 237,000 | |||||||||||||||||||
Agreement beginning date | Jun. 1, 2011 | ||||||||||||||||||||
Related party agreement term | 1 year | ||||||||||||||||||||
Discount factor | 3.50% | ||||||||||||||||||||
Agreement expiration date | May 31, 2012 | ||||||||||||||||||||
Regaluxe [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Agreement additional renewal term | 1 year | ||||||||||||||||||||
Regaluxe [Member] | Maximum [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Related party expenses | 260,000 | $ 250,000 | |||||||||||||||||||
Prime Investments S.A. [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Purchase price of diamonds | $ 200,000 | $ 0 | |||||||||||||||||||
Ownership percentage | 15.00% | ||||||||||||||||||||
Gestofi [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Agreement additional renewal term | 1 year | 1 year | 1 year | 1 year | |||||||||||||||||
Related party expenses | $ 13,558 | SFr 13,000 | $ 10,890 | CAD 13,700 | |||||||||||||||||
Agreement beginning date | Aug. 1, 2009 | Aug. 1, 2009 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 30, 2013 | |
Fair Value Disclosures [Abstract] | |||
Percentage of consolidated sale | 36.00% | 32.00% | 28.00% |
Bank indebtedness | $ 64,347 | $ 73,941 | |
Long-term debt bearing interest at variable rates | 41,700 | 9,200 | |
Fixed-rate long-term debt | 15,100 | 45,500 | |
Fair value of fixed long-term debt and other long-term liabilities | $ 15,500 | $ 43,400 |