Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Mar. 29, 2014 | |
Document Information [Line Items] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 29-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'FY |
Trading Symbol | 'BGI |
Entity Registrant Name | 'BIRKS GROUP INC. |
Entity Central Index Key | '0001179821 |
Current Fiscal Year End Date | '--03-29 |
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 | 10,131,539 |
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 $) | Mar. 29, 2014 | Mar. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ||
Cash and cash equivalents | $2,328 | $3,826 | ||
Accounts receivable | 7,334 | 6,639 | ||
Inventories | 144,644 | 137,011 | ||
Prepaids and other current assets | 2,360 | 2,592 | ||
Total current assets | 156,666 | 150,068 | ||
Property and equipment | 30,923 | 27,326 | ||
Intangible assets | 1,063 | 955 | ||
Other assets | 1,842 | 1,603 | ||
Total non-current assets | 33,828 | 29,884 | ||
Total assets | 190,494 | 179,952 | ||
Current liabilities: | ' | ' | ||
Bank indebtedness | 73,941 | 67,307 | ||
Accounts payable | 36,921 | 42,210 | ||
Accrued liabilities | 7,963 | 9,193 | ||
Current portion of long-term debt | 4,537 | 3,795 | ||
Total current liabilities | 123,362 | 122,505 | ||
Long-term debt | 50,213 | 38,100 | ||
Other long-term liabilities | 3,297 | 2,996 | ||
Total long-term liabilities | 53,510 | 41,096 | ||
Commitments and Contingencies | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock | 69,475 | 64,489 | ||
Preferred stock - no par value, unlimited shares authorized, none issued | ' | [1] | ' | [1] |
Additional paid-in capital | 16,041 | 15,949 | ||
Accumulated deficit | -75,655 | -69,854 | ||
Accumulated other comprehensive income | 3,761 | 5,767 | ||
Total stockholders' equity | 13,622 | 16,351 | ||
Total liabilities and stockholders' equity | 190,494 | 179,952 | ||
Class A Common Stock [Member] | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock | 30,862 | [1] | 25,876 | [1] |
Class B Common Stock [Member] | ' | ' | ||
Stockholders' equity: | ' | ' | ||
Common stock | $38,613 | [1] | $38,613 | [1] |
[1] | unlimited shares authorized |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
Common stock, shares outstanding | 17,849,509 | 14,833,611 |
Preferred stock, par value | ' | ' |
Preferred stock, shares issued | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares issued | 10,131,539 | 7,115,641 |
Common stock, shares outstanding | 10,131,539 | 7,115,641 |
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_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $281,165 | $292,759 | $302,317 |
Cost of sales | 166,498 | 166,585 | 169,087 |
Gross profit | 114,667 | 126,174 | 133,230 |
Selling, general and administrative expenses | 105,512 | 110,806 | 118,075 |
Depreciation and amortization | 5,426 | 4,563 | 4,713 |
Total operating expenses | 110,938 | 115,369 | 122,788 |
Operating income | 3,729 | 10,805 | 10,442 |
Interest and other financing costs | 9,512 | 9,272 | 10,200 |
(Loss) income before income taxes | -5,783 | 1,533 | 242 |
Income tax expense | 18 | 20 | 23 |
Net (loss) income | ($5,801) | $1,513 | $219 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic | 16,617 | 13,538 | 11,392 |
Diluted | 16,617 | 13,544 | 11,438 |
Net (loss) income per share: | ' | ' | ' |
Basic | ($0.35) | $0.11 | $0.02 |
Diluted | ($0.35) | $0.11 | $0.02 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | |||
Net (loss) income | ($5,801) | $1,513 | $219 | |||
Other comprehensive loss: | ' | ' | ' | |||
Foreign currency translation adjustments | -2,006 | [1] | -501 | [1] | -11 | [1] |
Total comprehensive (loss) income | ($7,807) | $1,012 | $208 | |||
[1] | The change in Cumulative translation adjustments is not due to reclassifications out of accumulated other comprehensive income (loss). |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders Equity (USD $) | Total | Voting common stock outstanding [Member] | Voting common stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Beginning Balance at Mar. 26, 2011 | $11,340 | ' | $60,895 | $15,752 | ($71,586) | $6,279 | |
Beginning Balance, Shares at Mar. 26, 2011 | ' | 11,390,505 | ' | ' | ' | ' | |
Net income (loss) | 219 | ' | ' | ' | 219 | ' | |
Cumulative translation adjustment | [1] | -11 | ' | ' | ' | ' | -11 |
Total comprehensive income | 208 | ' | ' | ' | ' | ' | |
Compensation expense resulting from stock options granted to Management | 79 | ' | ' | 79 | ' | ' | |
Exercise of stock options | 1 | ' | 1 | ' | ' | ' | |
Exercise of stock options, Shares | 1,080 | 1,080 | ' | ' | ' | ' | |
Ending Balance at Mar. 31, 2012 | 11,628 | ' | 60,896 | 15,831 | -71,367 | 6,268 | |
Ending Balance, Shares at Mar. 31, 2012 | 11,391,585 | 11,391,585 | ' | ' | ' | ' | |
Net income (loss) | 1,513 | ' | ' | ' | 1,513 | ' | |
Cumulative translation adjustment | [1] | -501 | ' | ' | ' | ' | -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, net of taxes of $0 | 3,593 | ' | 3,593 | ' | ' | ' | |
Issuance of Class A shares for stock rights offering, net of taxes of $0 , Shares | 3,442,026 | 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 income (loss) | -5,801 | ' | ' | ' | -5,801 | ' | |
Cumulative translation adjustment | [1] | -2,006 | ' | ' | ' | ' | -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, net of taxes of $0 | 4,861 | ' | 4,861 | ' | ' | ' | |
Issuance of Class A shares for stock rights offering, 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 | ' | ' | ' | ' | |
[1] | The change in Cumulative translation adjustments is not due to reclassifications out of accumulated other comprehensive income (loss). |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders Equity (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Stock right offering, net of taxes | $0 | $0 |
Voting common stock outstanding [Member] | ' | ' |
Stock right offering, net of taxes | 0 | 0 |
Voting common stock [Member] | ' | ' |
Stock right offering, net of taxes | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net (loss) income | ($5,801) | $1,513 | $219 |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 5,523 | 4,771 | 4,992 |
Amortization of debt costs | 555 | 706 | 830 |
Other operating activities, net | 316 | 93 | 195 |
(Increase) decrease in: | ' | ' | ' |
Accounts receivable | -1,753 | 401 | 940 |
Inventories | -14,470 | 5,225 | -3,357 |
Prepaids and other current assets | -18 | -300 | 41 |
(Decrease) increase in: | ' | ' | ' |
Accounts payable | -3,138 | -2,212 | -3,435 |
Accrued liabilities and other long-term liabilities | -331 | -4,021 | 4,158 |
Net cash (used in) provided by operating activities | -19,117 | 6,176 | 4,583 |
Cash flows (used in) from investing activities: | ' | ' | ' |
Additions to property and equipment | -6,595 | -6,254 | -4,511 |
Proceeds from sale of assets held for sale | ' | 60 | ' |
Other investing activities, net | -253 | -84 | -61 |
Net cash used in investing activities | -6,848 | -6,278 | -4,572 |
Cash flows provided by (used in) from financing activities: | ' | ' | ' |
Increase in bank indebtedness | 9,819 | 6,159 | 638 |
Repayment of obligations under capital leases | -1,024 | -2,406 | -1,937 |
Proceeds from stock rights offering, net of costs | ' | 3,593 | ' |
Proceeds from private placement, net of costs | 4,861 | ' | ' |
Proceeds from stock option exercise | 74 | ' | 1 |
Payment of loan origination fees and costs | -891 | ' | -1,907 |
Repayment of long-term debt | -3,017 | -6,481 | -2,429 |
Increase in long-term debt | 14,828 | ' | 5,502 |
Other financing activities | -21 | -27 | -62 |
Net cash provided by (used in) financing activities | 24,629 | 838 | -194 |
Effect of exchange rate on cash | -162 | -37 | -32 |
Net (decrease) increase in cash and cash equivalents | -1,498 | 699 | -215 |
Cash and cash equivalents, beginning of year | 3,826 | 3,127 | 3,342 |
Cash and cash equivalents, end of year | 2,328 | 3,826 | 3,127 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Interest paid | 8,525 | 8,261 | 9,066 |
Non-cash transactions: | ' | ' | ' |
Property and equipment additions acquired through capital leases | 4,055 | 160 | 81 |
Property and equipment additions included in accounts payable and accrued liabilities | 742 | 732 | 558 |
Conversion of debentures into Class A voting shares | $4,861 | ' | ' |
Basis_of_presentation
Basis of presentation | 12 Months Ended | |
Mar. 29, 2014 | ||
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 in order to fund its operations is dependent upon its ability to maintain specified excess availability levels under its senior secured revolving credit facilities as described in note 6 and amended subsequent to year end, including finalizing the Recapitalization Plan, as described in note 16. | ||
Under the terms of the amendments to the senior secured credit facilities which were agreed to in June 2014 and further modified in July 2014, (refer to note 16), the Company is required to finalize and complete a recapitalization transaction by February 2015, which includes the closing of permanent financing, equity infusion and/or restructuring acceptable to the lenders (“Recapitalization Plan”). If the Company does not complete the Recapitalization Plan, 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 has been no monetary thresholds established by the lenders for the Recapitalization Plan and although the Company is actively engaged in developing the Recapitalization Plan, currently, it does not have any commitments for financing under the Recapitalization Plan. Any Recapitalization Plan will need to be reviewed and approved by the Company’s Board of Directors and its lenders. In addition, the successful completion of the Recapitalization Plan is not within the Company’s control. | ||
As part of the amendments, the Company also agreed that deviations of greater than 10% (increased to 12.5% if the Company successfully obtains additional financial support of Cdn$3.0 million dollars by August 30, 2014) from the cash flow projections presented to its lenders will be considered an event of default, which could result in the outstanding balances under its senior secured revolving line of credit and senior secured term loan becoming due immediately. In such an event, the Company would be unable to repay its debt which would have an impact on the Company’s ability to continue as a going concern. | ||
As part of the amendments, the Company also agreed to obtain additional financial support of $5.0 million by August 30, 2014 in a form that is acceptable to its lenders of which a principal moratorium aggregate amount of Cdn$2.5 million obtained from Investissement Québec in June 2014 was agreed by the lenders to count towards the financial support to be obtained. Failure to obtain this financial support will result in a reduction of availability under its senior secured revolving credit facility by $125 thousand per month for each month until the financial support is obtained, which will effectively reduce the Company’s borrowing capacity under this facility and if continued for a prolonged period of time, could have a significant impact on the Company’s ability to fund its operations and meet its cash flow requirements. Although the Company has received commitments to fund the additional Cdn$3 million of financial support, the Company cannot be certain that these commitments will provide these funds by August 30, 2014. | ||
The Company incurred a net loss of $5.8 million and negative cash flow from operating activities of $19.1 million in fiscal 2014. Due to the impact of the Company’s financial performance in fiscal 2014 and the level of capital expenditures requirements related to renewing of its store leases in Canada during 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 the factors or events described previously 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, 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. These financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. |
Significant_accounting_policie
Significant accounting policies | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
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 shipped 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, 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 $97,000, $208,000 and $279,000 for the years ended March 29, 2014, March 30, 2013 and March 31, 2012, 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 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 $2.3 million and $1.9 million at March 29, 2014 and March 30, 2013, 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 7.9% 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 - 10 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 $1.9 million and $1.7 million of intangible assets at March 29, 2014 and March 30, 2013, respectively. The Company had $0.8 million and $0.7 million of accumulated amortization of intangibles at March 29, 2014 and March 30, 2013, 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 related period of the 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. Other balance sheet items 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 ($0.2) million, $0.1 million and ($0.3) million were recorded in cost of goods sold for the years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively and $0.3 million, $0.2 million and $0.1 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 29, 2014, March 30, 2013 and March 31, 2012, 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. No impairment charge was required in fiscal 2014, 2013 and 2012. | |||||||||||||
(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 $2.6 million, $2.9 million and $2.9 million for each of the years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. Advertising and marketing expense, net of vendor cooperative advertising allowances, amounted to $11.0 million, $10.8 million and $9.9 million in the years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. | |||||||||||||
(n) | Pre-opening expenses: | ||||||||||||
Pre-opening expenses related to the opening of new and relocated stores are expensed in the period incurred. | |||||||||||||
(o) | 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. | |||||||||||||
(p) | 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 29, 2014, March 30, 2013 and March 31, 2012: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
(In thousands, except per share data) | |||||||||||||
Basic (loss) income per common share computation: | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (5,801 | ) | $ | 1,513 | $ | 219 | ||||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 | ||||||||||
(Loss) income per common share | $ | (0.35 | ) | $ | 0.11 | $ | 0.02 | ||||||
Diluted (loss) income per common share computation: | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (5,801 | ) | $ | 1,513 | $ | 219 | ||||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 | ||||||||||
Dilutive effect of stock options, warrants and stock appreciation rights (SARs) | — | 6 | 46 | ||||||||||
Weighted-average common shares outstanding – diluted | 16,617 | 13,544 | 11,438 | ||||||||||
Diluted (loss) income per common share | $ | (0.35 | ) | $ | 0.11 | $ | 0.02 | ||||||
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. For the year ended March 31, 2012, the effect from the assumed exercise of 230,694 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. | |||||||||||||
(q) | 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 29, 2014 and March 30, 2013, there were no such contracts outstanding. | |||||||||||||
(r) | Accounting Changes: | ||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 added new disclosure requirements to Accounting Standards Codification (“ASC”) 220, Comprehensive Income, for items reclassified out of accumulated other comprehensive income (“AOCI”) effective for reporting periods beginning after December 15, 2012. It requires entities to disclose additional information about amounts reclassified out of AOCI by component including changes in AOCI balances and significant items reclassified out of AOCI by the respective line items of net income. The Company has adopted ASU 2013-02 for the reporting period beginning March 31, 2013 and the prescribed disclosures are presented on the Consolidated Statement of Stockholders’ Equity. | |||||||||||||
(s) | Recent Accounting Pronouncements | ||||||||||||
On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company for our fiscal year beginning March 26, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Accounts_receivable
Accounts receivable | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts receivable | ' | ||||||||
3 | Accounts receivable: | ||||||||
Accounts receivable at March 29, 2014 and March 30, 2013 consist of the following: | |||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Customer trade receivables | $ | 5,777 | $ | 4,884 | |||||
Other receivables | 1,557 | 1,755 | |||||||
$ | 7,334 | $ | 6,639 | ||||||
Included in customer trade receivables as of March 29, 2014 and March 30, 2013, was $0.2 million and $0.3 million, respectively, of net trade receivables on nonaccrual status. | |||||||||
Continuity of the allowance for doubtful accounts is as follows (in thousands): | |||||||||
Balance March 26, 2011 | $ | 2,482 | |||||||
Additional provision recorded | 231 | ||||||||
Net write-offs | (248 | ) | |||||||
Balance March 31, 2012 | 2,465 | ||||||||
Additional 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 | |||||||
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 $2.7 million and $2.9 million at March 29, 2014 and March 30, 2013, respectively, are included in customer trade receivables. |
Inventories
Inventories | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4 | Inventories: | ||||||||
Inventories are summarized as follows: | |||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 3,914 | $ | 3,609 | |||||
Work in progress | 541 | 426 | |||||||
Retail inventories and manufactured finished goods | 140,189 | 132,976 | |||||||
$ | 144,644 | $ | 137,011 | ||||||
Continuity of the obsolescence reserve for inventory is as follows (in thousands): | |||||||||
Balance March 26, 2011 | $ | 5,086 | |||||||
Additional charges | 2,462 | ||||||||
Deductions | (2,868 | ) | |||||||
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 | |||||||
Property_and_equipment
Property and equipment | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and equipment | ' | ||||||||
5 | Property and equipment: | ||||||||
The components of property and equipment are as follows: | |||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Land | $ | 5,887 | $ | 6,414 | |||||
Buildings | 8,690 | 9,444 | |||||||
Leasehold improvements | 46,779 | 44,770 | |||||||
Equipment and vehicles | 2,269 | 2,193 | |||||||
Molds | 1,141 | 1,238 | |||||||
Furniture and fixtures | 9,760 | 9,599 | |||||||
Software and electronic equipment | 21,451 | 20,260 | |||||||
95,977 | 93,918 | ||||||||
Accumulated depreciation | (65,054 | ) | (66,592 | ) | |||||
$ | 30,923 | $ | 27,326 | ||||||
Property and equipment, having a cost of $19.3 million and a net book value of $11.7 million at March 29, 2014, and a cost of $13.7 million and a net book value of $8.1 million at March 30, 2013, are under capital leasing arrangements. |
Bank_indebtedness
Bank indebtedness | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Bank indebtedness | ' | ||||||||
6 | Bank indebtedness: | ||||||||
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 bears 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 provide that no financial covenants are required to be met other than maintaining positive excess availability at all times. | |||||||||
As of March 29, 2014 and March 30, 2013, bank indebtedness consisted solely of the Company’s senior secured revolving credit facility which had an outstanding balance of $73.9 million and $67.3 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. Under the terms of the amended facilities, both the senior secured revolving credit facility administrative agent and the senior secured term loan administrative agent may impose, at any time, 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 maintain 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 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. However, the Company’s senior secured term loan administrative agent’s ability to impose discretionary reserves at its reasonable discretion is limited to 5% of the term loan borrowing capacity. No discretionary reserves were imposed during fiscal 2014, 2013 and 2012. A discretionary reserve of $7.0 million was imposed at the request of the senior secured term loan administrative agent starting in April 2014 reducing the borrowing availability under the senior secured revolving credit facility. The reserve was lifted in June 2014 as part of the amendments to the senior secured credit facilities discussed in note 16. In addition, the amendment of the secured term loan agreement provides that the term loan administrative agent may impose a supplemental availability reserve not to exceed $2.5 million if at any time that the Company’s consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”), calculated at the end of each fiscal quarter on a trailing twelve month basis, is less than $9 million. No supplemental availability reserve was imposed as of March 29, 2014. | |||||||||
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 others, changes in the U.S. and Canadian dollar exchange rate, which could increase or decrease the Company’s borrowing availability. 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 20th to January 20th and from January 21st to February 10th, respectively, and both the Company’s senior secured revolving credit facility and the senior secured term loan are subject to cross default provisions with all other loans by which if the Company is in default with any other loan, the default will immediately apply to both the senior secured revolving credit facility and the senior secured term loan. As of March 29, 2014, every 100 basis point strengthening or weakening of the Canadian versus the U.S. dollar would cause an approximate $73,000 increase or decrease in the amount of excess availability. The Company’s excess availability was $17.2 million as of March 29, 2014. | |||||||||
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. | |||||||||
The information concerning the Company’s senior secured credit facility is as follows: | |||||||||
Fiscal Year Ended | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Maximum borrowing outstanding during the year | $ | 93,184 | $ | 100,548 | |||||
Average outstanding balance during the year | $ | 78,164 | $ | 78,371 | |||||
Weighted average interest rate for the year | 3.4 | % | 3.6 | % | |||||
Effective interest rate at year-end | 3.3 | % | 3.6 | % | |||||
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. | |||||||||
Subsequent to year end, further amendments were made to the Company’s credit facilities. See note 16. |
Longterm_debt
Long-term debt | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
7 | Long-term debt: | ||||||||
(a) | Long-term debt consists of the following: | ||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Senior secured term loans that are subordinated in lien priority to the Company’s senior secured revolving credit facility and bear interest at an annual fixed rate of 8.77% with a five-year term expiring in August 2018. Refer to note 16 for amendments made to the term loan subsequent to year end | $ | 28,000 | $ | 18,000 | |||||
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 $151,629 (Cdn$167,762). The balance at March 29, 2014 and March 30, 2013 was Cdn$13,444,000 and Cdn$13,981,000, respectively. | 12,151 | 13,767 | |||||||
Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 7.0%, repayable beginning in October 2014 in 60 equal monthly principal payments of approximately $75,319 (Cdn$83,333), secured by the assets of the Company. The balance at March 29, 2014 was Cdn$5.0 million (b). | 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 $188,298 (Cdn$208,333), secured by the assets of the Company. The balance at March 29, 2014 and March 30, 2013 was Cdn$5,208,000 and Cdn$7,708,000, respectively. Refer to note 16, for agreement made to temporarily suspend monthly capital repayments beginning in June 2014 for one year (b). | 4,708 | 7,590 | |||||||
Obligations under capital leases, at annual interest rates between 6% and 10%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to April 2018. | 3,872 | 388 | |||||||
Cash advance provided by the Company’s controlling shareholder bearing interest at an annual rate of 11%, net of withholding taxes (note 14(c)) | 1,500 | 1,500 | |||||||
Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 3.5%, repayable beginning in May 2009 in 20 monthly capital repayments of $31,634 (Cdn$35,000) and thereafter 40 monthly payments of $49,711 (Cdn$55,000), secured by the assets of the Company and subject to certain financial covenants. The balance at March 29, 2014 and March 30, 2013 was Cdn$0 and Cdn$660,000, respectively.(b). | — | 650 | |||||||
54,750 | 41,895 | ||||||||
Current portion of long-term debt | 4,537 | 3,795 | |||||||
$ | 50,213 | $ | 38,100 | ||||||
(b) | The Company must comply with certain financial covenants associated with its terms loans with Investissement Québec. As of March 29, 2014, the Company was in compliance with these financial covenants. | ||||||||
(c) | Future minimum lease payments for capital leases required in the following five years and thereafter are as follows (in thousands): | ||||||||
Year ending March: | |||||||||
2015 | $ | 3,546 | |||||||
2016 | 3,456 | ||||||||
2017 | 2,909 | ||||||||
2018 | 2,263 | ||||||||
2019 | 2,012 | ||||||||
Thereafter | 9,390 | ||||||||
23,576 | |||||||||
Less imputed interest | 7,553 | ||||||||
$ | 16,023 | ||||||||
(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: | |||||||||
2015 | $ | 4,537 | |||||||
2016 | 5,196 | ||||||||
2017 | 2,822 | ||||||||
2018 | 2,119 | ||||||||
2019 | 29,986 | ||||||||
Thereafter | 10,090 | ||||||||
$ | 54,750 | ||||||||
(e) | As of March 29, 2014 and March 30, 2013, the Company had $1.9 million and $1.7 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 $1.8 million U.S. dollars) for the period that ended on December 11, 2013, 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 $1.8 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. |
Benefit_plans_and_stockbased_c
Benefit plans and stock-based compensation | 12 Months Ended | ||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased 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 29, 2014, there were 112,320 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 $1.93. As of March 29, 2014, there were stock options to purchase 475,000 Class A voting shares outstanding under the Long-Term Incentive Plan. During fiscal 2014 and 2013, stock options to purchase 165,000 shares and 130,000 shares, respectively, of the Company’s Class A voting shares were issued with a three year vesting period, with an average exercise price of $1.16 and $0.89, 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 2014 and 2013 was $1.02 and $0.79, respectively. The fair value of the newly issued options in fiscal 2014 and 2013 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 – 94.5% for options issued in fiscal 2014 and 95.1% for options issued in fiscal 2013; Risk-free interest rate – 2.19% for options issued in fiscal 2014 and 1.59% for options issued in fiscal 2013; and expected term in years – 10 years. The intrinsic value of the outstanding options as of March 29, 2014 was zero as the exercise price for all options outstanding were equal to or greater than the Company’s stock price on March 29, 2014. The unrecognized compensation related to the non-vested portion of stock options granted as of March 29, 2014 was $135,000. Total compensation cost for options recognized in earnings was $143,000, $118,000 and $79,000 during fiscal 2014, 2013 and 2012, 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 29, 2014, March 30, 2013 and March 31, 2012, there were 6,454, 6,674 and 8,174 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 29, 2014, March 30, 2013 and March 31, 2012. | |||||||||||||||||||||||
(ii) | As of March 29, 2014, the Company had outstanding 15,000 options granted to current and former members of its Board of Directors to acquire Class A voting shares of the Company for a purchase price of Cdn$7.73 ($7.61 in U.S. dollars) exercisable at any time until April 23, 2014. In addition, there were 168,131 options to purchase Class A voting shares at an exercise price of $1.00 per share held by the Company’s former Chief Executive Officer which expired on March 31, 2014. No compensation expense was recorded during the years ended March 29, 2014, March 30, 2013 and March 31, 2012. | ||||||||||||||||||||||
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 29, 2014: | |||||||||||||||||||||||
Options | Weighted average | ||||||||||||||||||||||
exercise price | |||||||||||||||||||||||
Outstanding March 26, 2011 | 323,086 | $ | 1.39 | ||||||||||||||||||||
Granted | 175,000 | 1.07 | |||||||||||||||||||||
Exercised | (1,080 | ) | 1.05 | ||||||||||||||||||||
Cancelled | (888 | ) | 7.07 | ||||||||||||||||||||
Outstanding March 31, 2012 | 496,118 | 1.26 | |||||||||||||||||||||
Granted | 130,000 | 0.89 | |||||||||||||||||||||
Cancelled | (1,500 | ) | 3.28 | ||||||||||||||||||||
Outstanding March 30, 2013 | 624,618 | 1.18 | |||||||||||||||||||||
Granted | 165,000 | 1.16 | |||||||||||||||||||||
Exercised | (74,813 | ) | 1 | ||||||||||||||||||||
Cancelled | (50,220 | ) | 1.07 | ||||||||||||||||||||
Outstanding March 29, 2014 | 664,585 | $ | 1.21 | ||||||||||||||||||||
A summary of the status of Birks’ stock options at March 29, 2014 is presented below: | |||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||
Exercise price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||
outstanding | average | average | exercisable | average | |||||||||||||||||||
remaining | exercise | exercise | |||||||||||||||||||||
life (years) | price | price | |||||||||||||||||||||
$ | 0.89-1.00 | 373,131 | 4.9 | $ | 0.93 | 203,134 | $ | 0.98 | |||||||||||||||
$ | 1.01-1.05 | 156,454 | 7.7 | 1.04 | 106,454 | 1.04 | |||||||||||||||||
$ | 1.25-1.66 | 120,000 | 8.1 | 1.47 | 55,000 | 1.25 | |||||||||||||||||
$ | 7.73 | 15,000 | 0.1 | 7.73 | 15,000 | 7.73 | |||||||||||||||||
664,585 | 6 | $ | 1.21 | 379,588 | $ | 1.3 | |||||||||||||||||
(iii) | Under plans approved by the former Board of Directors of Mayors, the Company has outstanding stock options and SARs issued to employees and members of the Company’s Board of Directors. No further awards will be granted under these plans. As of March 29, 2014, there are 3,836 options outstanding with a weighted average remaining estimated life of 0.8 years. No compensation expense was required to be recorded related to the options outstanding under this program for the years ended March 29, 2014, March 30, 2013 and March 31, 2013, respectively. | ||||||||||||||||||||||
The following is a summary of the activity of Mayors stock option plans: | |||||||||||||||||||||||
Options | Weighted average | ||||||||||||||||||||||
exercise price | |||||||||||||||||||||||
Outstanding March 26, 2011 | 224,240 | $ | 7.4 | ||||||||||||||||||||
Forfeited/cancelled | (6,494 | ) | 52.33 | ||||||||||||||||||||
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 | ||||||||||||||||||||
A summary of the status of the option plans at March 29, 2014 is presented below: | |||||||||||||||||||||||
Options outstanding and exercisable | |||||||||||||||||||||||
Exercise price | Number | Weighted average | Weighted average | ||||||||||||||||||||
outstanding | remaining life (years) | exercise price | |||||||||||||||||||||
$ | 1.05 | 1,229 | 6.1 | $ | 1.05 | ||||||||||||||||||
$ | 6.00 – 9.00 | 2,607 | 0.8 | 7.14 | |||||||||||||||||||
3,836 | 2.5 | $ | 5.19 | ||||||||||||||||||||
The Company also has outstanding SARs previously issued under the Mayors plan to members of senior management. As of March 29, 2014, there were 4,347 SARs outstanding having a weighted-average remaining contractual life of these awards was 6.0 years with an aggregate intrinsic value of $900. No compensation expense was recorded in fiscal 2014, 2013 and 2012 related to these SARS issued under this plan. | |||||||||||||||||||||||
(iv) | The Company issues new shares to satisfy share-based awards and exercise of stock options. During fiscal 2014, 2013 and 2012, respectively, no cash was used to settle equity instruments granted under share-based payment arrangements. | ||||||||||||||||||||||
(b) | As of March 29, 2014, 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 29, 2014, 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 2014, 2013 and 2012. | |||||||||||||||||||||||
(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 2014, 2013 and 2012. | |||||||||||||||||||||||
(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 are 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 is at the discretion of the Board of Directors on recommendation of the compensation committee. The payouts under the LTCIPs will 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 are continued. The Company will 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 is only created to compensate if EBT is above a certain growth rate and the payout is capped so that the total three-year costs of the programs combined does not exceed 10% of the Company’s total earnings before taxes for the three-year period. | |||||||||||||||||||||||
Participation in the first three-year cycle has been 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 is $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. | |||||||||||||||||||||||
During fiscal 2014 and 2013, the Company did not meet the annual earnings before taxes threshold established by the plan and accordingly, no liability or expense related to this plan was recorded. |
Income_taxes
Income taxes | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
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 29, 2014, the Company had no accrued interest related to uncertain tax positions due to available tax loss carry forwards. The tax years 2009 through 2014 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 $56.8 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 29, 2014 and March 30, 2013 are as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Loss and tax credit carry forwards | $ | 41,889 | $ | 41,776 | |||||||||
Difference between book and tax basis of property and equipment | 2,344 | 2,746 | |||||||||||
Interest expense limitations carry forward | 7,525 | 6,292 | |||||||||||
Inventory allowances | 608 | 759 | |||||||||||
Other reserves not currently deductible | 724 | 874 | |||||||||||
Capital lease obligation | 3,204 | 3,617 | |||||||||||
Expenses not currently deductible | 419 | 439 | |||||||||||
Other | 96 | 104 | |||||||||||
Net deferred tax asset before valuation allowance | 56,809 | 56,607 | |||||||||||
Valuation allowance | (56,809 | ) | (56,607 | ) | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||||
The following table reconciles the unrecognized tax benefits at March 29, 2014 and March 30, 2013: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits at the beginning of the year | $ | — | $ | — | |||||||||
Gross increase – tax position in current period | 183 | 299 | |||||||||||
Applied against certain element of deferred tax assets | (183 | ) | (299 | ) | |||||||||
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 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
(In thousands) | |||||||||||||
Income tax expense (benefit): | |||||||||||||
Current | $ | 183 | $ | 299 | $ | 332 | |||||||
Deferred | (1,525 | ) | 393 | (820 | ) | ||||||||
Valuation allowance | 1,360 | (672 | ) | 511 | |||||||||
Income tax expense | $ | 18 | $ | 20 | $ | 23 | |||||||
The Company’s current federal tax payable at March 29, 2014 was $18,000 and $5,800 for March 30, 2013, and March 31, 2012. | |||||||||||||
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 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
Canadian statutory rate | 26.4 | % | 26.2 | % | 27.5 | % | |||||||
Rate differential for U.S. operations | 2 | % | (7.3 | )% | (139.1 | )% | |||||||
Adjustment to valuation allowance | (26.8 | )% | 21 | % | 493.9 | % | |||||||
Utilization of unrecognized losses and other tax attributes | 0 | % | (45.3 | )% | (395.5 | )% | |||||||
Permanent differences and other | (2.1 | )% | 6.7 | % | 22.7 | % | |||||||
Total | (0.5 | )% | 1.3 | % | 9.5 | % | |||||||
(b) | At March 29, 2014, the Company had federal non-capital losses of Cdn$23.5 million ($21.2 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 ($235,000 in U.S. dollars) available to reduce future Canadian federal income taxes payable which will expire between 2022 and 2032. | ||||||||||||
(c) | As of March 29, 2014, Mayors had federal and state net operating loss carry forwards in the U.S. of approximately $106.4 million and $98.3 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 2033 and the state net operating loss carry forwards expire beginning in fiscal 2018 through fiscal 2033. 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. 29, 2014 | |||||||||||||||||||||||||
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 | Amount | Number | Amount | Number | Amount | ||||||||||||||||||||
of Shares | of Shares | of Shares | |||||||||||||||||||||||
Balance as of March 31, 2012 | 3,673,615 | $ | 22,283 | 7,717,970 | $ | 38,613 | 11,391,585 | $ | 60,896 | ||||||||||||||||
Stock rights offering | 3,442,026 | 3,593 | — | — | 3,442,026 | 3,593 | |||||||||||||||||||
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 | ||||||||||||||||
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 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 of which Montrovest received 2,828,634 shares of Class A voting shares of the Company. | |||||||||||||||||||||||||
Commitments
Commitments | 12 Months Ended | ||||
Mar. 29, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments | ' | ||||
11 | 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: | |||||
2015 | $ | 14,184 | |||
2016 | 11,746 | ||||
2017 | 10,192 | ||||
2018 | 7,083 | ||||
2019 | 5,447 | ||||
Thereafter | 14,596 | ||||
$ | 63,248 | ||||
Rent expense for the Company was approximately $24.3 million, including $0.3 million of contingent rent for the year ended March 29, 2014, $25.2 million, including $0.4 million of contingent rent for the year ended March 30, 2013 and $26.2 million, including $0.5 million of contingent rent for the year ended March 31, 2012. |
Contingencies
Contingencies | 12 Months Ended | |
Mar. 29, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingencies | ' | |
12 | 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 29, 2014 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 29, 2014 and March 30, 2013, the amount guaranteed under such arrangements was approximately $5.0 million and $6.0 million, respectively. At March 29, 2014 and March 30, 2013, the Company has recorded in accrued liabilities a reserve of $0.4 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 14(d)). | |
(d) | The Company entered into a five-year distribution agreement with Damiani International B.V. (“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. The agreement provides that the Company will pay for the 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 must make minimum annual payments totaling an aggregate amount of $5.6 million during the term of the agreement. Under this agreement, the Company is 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 agreement. The Company also has the right to return up to $5.0 million of any unsold Damiani products at the end of the term of the agreement. The total amount payable under this agreement is included in accounts payable. |
Segmented_information
Segmented information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Segmented information | ' | ||||||||||||||||||||||||||||||||||||
13 | Segmented information: | ||||||||||||||||||||||||||||||||||||
The Company has two reportable segments Retail and Other. As of March 29, 2014, Retail operated 29 stores across Canada under the Birks brand, and 19 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 29, 2014, March 30, 2013, and March 31, 2012, respectively, is set forth below: | |||||||||||||||||||||||||||||||||||||
Retail | Other | Total | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Sales to external customers | $ | 270,630 | $ | 274,725 | $ | 279,345 | $ | 10,535 | $ | 18,034 | $ | 22,972 | $ | 281,165 | $ | 292,759 | $ | 302,317 | |||||||||||||||||||
Inter-segment sales | $ | — | $ | — | $ | — | $ | 18,320 | $ | 25,126 | $ | 27,076 | $ | 18,320 | $ | 25,126 | $ | 27,076 | |||||||||||||||||||
Unadjusted gross profit | $ | 114,210 | $ | 120,554 | $ | 125,749 | $ | 5,663 | $ | 10,612 | $ | 13,945 | $ | 119,873 | $ | 131,166 | $ | 139,694 | |||||||||||||||||||
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 29, 2014, March 30, 2013 and March 31, 2012: | |||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||||||||||||||
March 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Unadjusted gross profit | $ | 119,873 | $ | 131,166 | $ | 139,694 | |||||||||||||||||||||||||||||||
Inventory provisions | (3,010 | ) | (2,763 | ) | (2,998 | ) | |||||||||||||||||||||||||||||||
Other unallocated costs | (2,801 | ) | (2,527 | ) | (3,051 | ) | |||||||||||||||||||||||||||||||
Adjustment of intercompany profit | 605 | 298 | (415 | ) | |||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 114,667 | $ | 126,174 | $ | 133,230 | |||||||||||||||||||||||||||||||
Sales to external customers and long-lived assets by geographical areas were as follows: | |||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||||||||||||||
March 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Geographic Areas | |||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||
Canada | $ | 146,277 | $ | 158,834 | $ | 163,027 | |||||||||||||||||||||||||||||||
United States | 134,888 | 133,925 | 139,290 | ||||||||||||||||||||||||||||||||||
$ | 281,165 | $ | 292,759 | $ | 302,317 | ||||||||||||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||||||||||
Canada | $ | 19,484 | $ | 18,966 | $ | 20,330 | |||||||||||||||||||||||||||||||
United States | 13,281 | 9,963 | 7,805 | ||||||||||||||||||||||||||||||||||
$ | 32,765 | $ | 28,929 | $ | 28,135 | ||||||||||||||||||||||||||||||||
Classes of Similar Products | |||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||
Jewelry and other | $ | 148,511 | $ | 164,492 | $ | 172,487 | |||||||||||||||||||||||||||||||
Timepieces | 132,654 | 128,267 | 129,830 | ||||||||||||||||||||||||||||||||||
$ | 281,165 | $ | 292,759 | $ | 302,317 | ||||||||||||||||||||||||||||||||
Related_party_transactions
Related party transactions | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related party transactions | ' | ||||||||||||
14 | 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 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
(In thousands) | |||||||||||||
Transactions: | |||||||||||||
Purchases of inventory from supplier related to shareholder | $ | — | $ | 262 | $ | 1,803 | |||||||
Management fees to a related party | 188 | 180 | 158 | ||||||||||
Consultant fees to a related party | 156 | 165 | 165 | ||||||||||
Expense reimbursement to a related party | 237 | 241 | 238 | ||||||||||
Interest expense on cash advance received from controlling shareholder | 164 | 308 | 609 | ||||||||||
Wholesale distribution service payments to a related party | 1 | 3 | 11 | ||||||||||
Balances: | |||||||||||||
Accounts payable to supplier related to shareholder | — | 31 | 170 | ||||||||||
Accounts payable to related parties | 57 | 65 | 69 | ||||||||||
Interest payable on cash advance received from controlling shareholder | 13 | 14 | 47 | ||||||||||
(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 2014 and fiscal 2013, the Company paid €140,000 (approximately $188,000 and $180,000 in U.S. dollars, respectively), under this agreement to Montrovest. The agreement was renewed for an additional one year period ending June 8, 2015. 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. 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. As a result of entering into amendments to its senior secured revolving loan agreement and senior secured term loan agreement as described in note 16, the Company is not permitted to make payments under this contract until the Recapitalization Plan has been executed. | ||||||||||||
(c) | In February 2009 and May 2009, the Company received a $2.0 million and a $3.0 million, respectively, cash advance from Montrovest, to finance its working capital needs and for general corporate purposes. This advance and any interest thereon is subordinated to the indebtedness of the Company’s existing senior credit facilities and secured term loans and was 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 it 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. As a result of entering into amendments to its senior secured revolving loan agreement and senior secured term loan agreement as described in note 16, the Company is not permitted to make interest or principal payments related to the cash advance agreement until the Recapitalization Plan has been executed. | ||||||||||||
(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 2014, Birks did not purchase any diamonds from Prime Investments S.A. and related parties and during 2013, Birks purchased approximately $0.3 million of diamonds from Prime Investments S.A. and related parties, respectively. As of March 29, 2014, Prime Investments S.A. beneficially owned 15.1% 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 related to the development of our Company’s e-commerce, new product development, wholesale business and such other services reasonably requested by the Company’s Chief Executive Officer or Chairman (collectively, the “Consulting Services”). The Consulting Services are provided to the Company for a fee of approximately Cdn$13,700 ($12,383 in U.S. dollars) per month less any applicable taxes plus out of pocket expenses. 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 and was renewed in June 2014 for an additional one-year term with the monthly fee changed to 13,000 Swiss francs ($16,912 in U.S. dollars) per month. 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. | ||||||||||||
(f) | In accordance with the Company’s Code of Conduct related to related party transactions, in April 2011 and February 2012, April 2013 and April 2014, the Corporate Governance Committee and Board of Directors approved the reimbursement of expenses, such as rent, communication, administrative support and analytical service costs, incurred by Regaluxe in supporting the office of Dr. Lorenzo Rossi di Montelera and of Mr. Niccolò Rossi di Montelera, the Chairman of our 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 2014 and 2013, the Company paid $237,000 and $241,000 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 June 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 May 31, 2012 and may be renewed by mutual agreement for additional one-year terms. This agreement has been renewed yearly and in April 2014, this agreement was renewed for an additional one year period. During fiscal 2014 and 2013, the Company paid approximately $1,000 and $3,000 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. 29, 2014 | ||
Investments All Other Investments [Abstract] | ' | |
Financial instruments: | ' | |
15 | Financial instruments: | |
(a) | Concentrations: | |
During the years ended March 29, 2014, March 30, 2013 and March 31, 2012, approximately 32%, 28% and 26%, 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. For the $73.9 million of bank indebtedness and $9.2 million of long-term debt bearing interest at variable rates, the fair value is considered to approximate the carrying value. | ||
The fair value of the remaining $45.5 million of fixed-rate long-term debt is estimated to be approximately $43.4 million. 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. |
Subsequent_Event
Subsequent Event | 12 Months Ended | |||
Mar. 29, 2014 | ||||
Subsequent Events [Abstract] | ' | |||
Subsequent Event | ' | |||
16 | Subsequent Event | |||
In June 2014 and July 2014, subsequent to the Company’s fiscal year end and in conjunction with Montrovest executing a $5.0 million irrevocable standby 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 a financial recapitalization project 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 agreements are meant to provide the Company with the funding and additional time required to finalize and complete the Recapitalization Plan by February 2015. There has been no monetary thresholds established by the lenders for the Recapitalization Plan and although the Company is actively engaged in developing the Recapitalization Plan, currently, the Company does not have any commitments for financing under the Recapitalization Plan. Any Recapitalization Plan will need to be reviewed and approved by the Company’s Board of Directors and its lenders. In addition, the successful completion of the Recapitalization Plan 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 administrator lifted an existing $7 million discretionary reserve that had been imposed subsequent to the Company’s fiscal year end. Under the amendments, the Company is 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 be 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 addition, the senior secured term loan lender agreed not to 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 exists. As part of the amendment, the rate of interest on the senior secured term loan was increased from 8.77% to 12.5% until such time as the Recapitalization Plan is executed at which time the interest rate will 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 Plan has 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. (The operational restructuring plan was provided to and has been accepted by the administrative agents), | |||
• | 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 Plan acceptable to the senior secured revolving credit facility and senior secured term loan administrative agents by February 10, 2015. | |||
As part of the amendments to the senior secured credit facilities, the Company also agreed that deviations of greater than 10% from the 13-week cash flow projection will be considered an event of default, which could result 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 does not accomplish the actions outlined above, an additional reserve of up to $2.5 million may be established by the lenders reducing availability under the senior secured revolving credit facility until such failure is cured by the Company. | ||||
The amendments also require that an additional $5.0 million of third party financial support is obtained on or before August 30, 2014, in a form that is acceptable to the lenders of which a principal moratorium aggregate amount of Cdn$2.5 million obtained from Investissement Québec in June 2014 was agreed by the lenders to count towards the financial support to be obtained. Failure to obtain this financial support will result in a reduction of the availability under the senior secured revolving credit facility by $125,000 per month for each month until the financial support is obtained, which will effectively reduce the borrowing capacity under this facility. Upon the receipt of an additional Cdn$3.0 million of third party financial support, the permitted deviations on the Company’s 13-week cash flow projections is increased to 12.5%. | ||||
As of July 25, 2014, the Company has retained the services of a financial and restructuring consultant satisfactory to the senior secured revolving credit facility and senior secured term loan administrative agents, delivered an operational restructuring plan, which the lenders have 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 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 Company’s lenders | ||||
In June 2014, the Company was granted a one year moratorium on the monthly capital repayment amounts of Cdn$208,333 (approximately $188,298 in U.S dollars.) by Investissement Québec. Subsequent to the twelve month moratorium, the monthly capital repayment amounts of Cdn$208,333 (approximately $188,298 U.S.) will commence resulting in the repayment term being extended by twelve months. This principal moratorium aggregate amount of Cdn$2.5 million was agreed by the senior secured credit facility lenders to count towards the financial support to be obtained by August 30, 2014. | ||||
In July 2014, the Company entered into a binding letter of intent for a Cdn$2.0 million secured term loan with Investissement Québec. The loan bears interest at a rate of Canadian Prime plus 10% per annum and is repayable in 48 monthly installments beginning in August 2015. | ||||
In July 2014, the Company also entered into a lease agreement with Bristol Real Estate SA. The lease agreement provides funding for $1 million of furniture, fixtures, leasehold improvements and related equipment located within the Company’s U.S. operations. |
Significant_accounting_policie1
Significant accounting policies (Policies) | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
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 shipped 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, 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 $97,000, $208,000 and $279,000 for the years ended March 29, 2014, March 30, 2013 and March 31, 2012, 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 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 $2.3 million and $1.9 million at March 29, 2014 and March 30, 2013, 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 7.9% 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 - 10 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 $1.9 million and $1.7 million of intangible assets at March 29, 2014 and March 30, 2013, respectively. The Company had $0.8 million and $0.7 million of accumulated amortization of intangibles at March 29, 2014 and March 30, 2013, 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 related period of the 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. Other balance sheet items 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 ($0.2) million, $0.1 million and ($0.3) million were recorded in cost of goods sold for the years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively and $0.3 million, $0.2 million and $0.1 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 29, 2014, March 30, 2013 and March 31, 2012, 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. No impairment charge was required in fiscal 2014, 2013 and 2012. | |||||||||||||
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 $2.6 million, $2.9 million and $2.9 million for each of the years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. Advertising and marketing expense, net of vendor cooperative advertising allowances, amounted to $11.0 million, $10.8 million and $9.9 million in the years ended March 29, 2014, March 30, 2013 and March 31, 2012, respectively. | |||||||||||||
Pre-opening expenses | ' | ||||||||||||
(n) | Pre-opening expenses: | ||||||||||||
Pre-opening expenses related to the opening of new and relocated stores are expensed in the period incurred. | |||||||||||||
Operating leases | ' | ||||||||||||
(o) | 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 | ' | ||||||||||||
(p) | 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 29, 2014, March 30, 2013 and March 31, 2012: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
(In thousands, except per share data) | |||||||||||||
Basic (loss) income per common share computation: | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (5,801 | ) | $ | 1,513 | $ | 219 | ||||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 | ||||||||||
(Loss) income per common share | $ | (0.35 | ) | $ | 0.11 | $ | 0.02 | ||||||
Diluted (loss) income per common share computation: | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (5,801 | ) | $ | 1,513 | $ | 219 | ||||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 | ||||||||||
Dilutive effect of stock options, warrants and stock appreciation rights (SARs) | — | 6 | 46 | ||||||||||
Weighted-average common shares outstanding – diluted | 16,617 | 13,544 | 11,438 | ||||||||||
Diluted (loss) income per common share | $ | (0.35 | ) | $ | 0.11 | $ | 0.02 | ||||||
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. For the year ended March 31, 2012, the effect from the assumed exercise of 230,694 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 | ' | ||||||||||||
(q) | 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 29, 2014 and March 30, 2013, there were no such contracts outstanding. | |||||||||||||
Accounting Changes | ' | ||||||||||||
(r) | Accounting Changes: | ||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 added new disclosure requirements to Accounting Standards Codification (“ASC”) 220, Comprehensive Income, for items reclassified out of accumulated other comprehensive income (“AOCI”) effective for reporting periods beginning after December 15, 2012. It requires entities to disclose additional information about amounts reclassified out of AOCI by component including changes in AOCI balances and significant items reclassified out of AOCI by the respective line items of net income. The Company has adopted ASU 2013-02 for the reporting period beginning March 31, 2013 and the prescribed disclosures are presented on the Consolidated Statement of Stockholders’ Equity. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
(s) | Recent Accounting Pronouncements | ||||||||||||
On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company for our fiscal year beginning March 26, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Significant_accounting_policie2
Significant accounting policies (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
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 - 10 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 29, 2014, March 30, 2013 and March 31, 2012: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
(In thousands, except per share data) | |||||||||||||
Basic (loss) income per common share computation: | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (5,801 | ) | $ | 1,513 | $ | 219 | ||||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 | ||||||||||
(Loss) income per common share | $ | (0.35 | ) | $ | 0.11 | $ | 0.02 | ||||||
Diluted (loss) income per common share computation: | |||||||||||||
Numerator: | |||||||||||||
Net (loss) income | $ | (5,801 | ) | $ | 1,513 | $ | 219 | ||||||
Denominator: | |||||||||||||
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 | ||||||||||
Dilutive effect of stock options, warrants and stock appreciation rights (SARs) | — | 6 | 46 | ||||||||||
Weighted-average common shares outstanding – diluted | 16,617 | 13,544 | 11,438 | ||||||||||
Diluted (loss) income per common share | $ | (0.35 | ) | $ | 0.11 | $ | 0.02 |
Accounts_receivable_Tables
Accounts receivable (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Summary of Accounts Receivables | ' | ||||||||
Accounts receivable at March 29, 2014 and March 30, 2013 consist of the following: | |||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Customer trade receivables | $ | 5,777 | $ | 4,884 | |||||
Other receivables | 1,557 | 1,755 | |||||||
$ | 7,334 | $ | 6,639 | ||||||
Schedule of Continuity of Allowance for Doubtful Accounts | ' | ||||||||
Continuity of the allowance for doubtful accounts is as follows (in thousands): | |||||||||
Balance March 26, 2011 | $ | 2,482 | |||||||
Additional provision recorded | 231 | ||||||||
Net write-offs | (248 | ) | |||||||
Balance March 31, 2012 | 2,465 | ||||||||
Additional 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 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
Inventories are summarized as follows: | |||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 3,914 | $ | 3,609 | |||||
Work in progress | 541 | 426 | |||||||
Retail inventories and manufactured finished goods | 140,189 | 132,976 | |||||||
$ | 144,644 | $ | 137,011 | ||||||
Continuity of Obsolescence Reserve for Inventory | ' | ||||||||
Continuity of the obsolescence reserve for inventory is as follows (in thousands): | |||||||||
Balance March 26, 2011 | $ | 5,086 | |||||||
Additional charges | 2,462 | ||||||||
Deductions | (2,868 | ) | |||||||
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 | |||||||
Property_and_equipment_Tables
Property and equipment (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Components of Property and Equipment | ' | ||||||||
The components of property and equipment are as follows: | |||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Land | $ | 5,887 | $ | 6,414 | |||||
Buildings | 8,690 | 9,444 | |||||||
Leasehold improvements | 46,779 | 44,770 | |||||||
Equipment and vehicles | 2,269 | 2,193 | |||||||
Molds | 1,141 | 1,238 | |||||||
Furniture and fixtures | 9,760 | 9,599 | |||||||
Software and electronic equipment | 21,451 | 20,260 | |||||||
95,977 | 93,918 | ||||||||
Accumulated depreciation | (65,054 | ) | (66,592 | ) | |||||
$ | 30,923 | $ | 27,326 | ||||||
Bank_indebtedness_Tables
Bank indebtedness (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
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 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Maximum borrowing outstanding during the year | $ | 93,184 | $ | 100,548 | |||||
Average outstanding balance during the year | $ | 78,164 | $ | 78,371 | |||||
Weighted average interest rate for the year | 3.4 | % | 3.6 | % | |||||
Effective interest rate at year-end | 3.3 | % | 3.6 | % |
Longterm_debt_Tables
Long-term debt (Tables) | 12 Months Ended | ||||||||
Mar. 29, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
(a) | Long-term debt consists of the following: | ||||||||
As of | |||||||||
March 29, 2014 | March 30, 2013 | ||||||||
(In thousands) | |||||||||
Senior secured term loans that are subordinated in lien priority to the Company’s senior secured revolving credit facility and bear interest at an annual fixed rate of 8.77% with a five-year term expiring in August 2018. Refer to note 16 for amendments made to the term loan subsequent to year end | $ | 28,000 | $ | 18,000 | |||||
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 $151,629 (Cdn$167,762). The balance at March 29, 2014 and March 30, 2013 was Cdn$13,444,000 and Cdn$13,981,000, respectively. | 12,151 | 13,767 | |||||||
Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 7.0%, repayable beginning in October 2014 in 60 equal monthly principal payments of approximately $75,319 (Cdn$83,333), secured by the assets of the Company. The balance at March 29, 2014 was Cdn$5.0 million (b). | 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 $188,298 (Cdn$208,333), secured by the assets of the Company. The balance at March 29, 2014 and March 30, 2013 was Cdn$5,208,000 and Cdn$7,708,000, respectively. Refer to note 16, for agreement made to temporarily suspend monthly capital repayments beginning in June 2014 for one year (b). | 4,708 | 7,590 | |||||||
Obligations under capital leases, at annual interest rates between 6% and 10%, secured by leasehold improvements, furniture, and equipment, maturing at various dates to April 2018. | 3,872 | 388 | |||||||
Cash advance provided by the Company’s controlling shareholder bearing interest at an annual rate of 11%, net of withholding taxes (note 14(c)) | 1,500 | 1,500 | |||||||
Term loan from Investissement Québec, bearing interest at an annual rate of prime plus 3.5%, repayable beginning in May 2009 in 20 monthly capital repayments of $31,634 (Cdn$35,000) and thereafter 40 monthly payments of $49,711 (Cdn$55,000), secured by the assets of the Company and subject to certain financial covenants. The balance at March 29, 2014 and March 30, 2013 was Cdn$0 and Cdn$660,000, respectively.(b). | — | 650 | |||||||
54,750 | 41,895 | ||||||||
Current portion of long-term debt | 4,537 | 3,795 | |||||||
$ | 50,213 | $ | 38,100 | ||||||
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: | |||||||||
2015 | $ | 3,546 | |||||||
2016 | 3,456 | ||||||||
2017 | 2,909 | ||||||||
2018 | 2,263 | ||||||||
2019 | 2,012 | ||||||||
Thereafter | 9,390 | ||||||||
23,576 | |||||||||
Less imputed interest | 7,553 | ||||||||
$ | 16,023 | ||||||||
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: | |||||||||
2015 | $ | 4,537 | |||||||
2016 | 5,196 | ||||||||
2017 | 2,822 | ||||||||
2018 | 2,119 | ||||||||
2019 | 29,986 | ||||||||
Thereafter | 10,090 | ||||||||
$ | 54,750 | ||||||||
Benefit_plans_and_stockbased_c1
Benefit plans and stock-based compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||
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 29, 2014: | |||||||||||||||||||||||
Options | Weighted average | ||||||||||||||||||||||
exercise price | |||||||||||||||||||||||
Outstanding March 26, 2011 | 323,086 | $ | 1.39 | ||||||||||||||||||||
Granted | 175,000 | 1.07 | |||||||||||||||||||||
Exercised | (1,080 | ) | 1.05 | ||||||||||||||||||||
Cancelled | (888 | ) | 7.07 | ||||||||||||||||||||
Outstanding March 31, 2012 | 496,118 | 1.26 | |||||||||||||||||||||
Granted | 130,000 | 0.89 | |||||||||||||||||||||
Cancelled | (1,500 | ) | 3.28 | ||||||||||||||||||||
Outstanding March 30, 2013 | 624,618 | 1.18 | |||||||||||||||||||||
Granted | 165,000 | 1.16 | |||||||||||||||||||||
Exercised | (74,813 | ) | 1 | ||||||||||||||||||||
Cancelled | (50,220 | ) | 1.07 | ||||||||||||||||||||
Outstanding March 29, 2014 | 664,585 | $ | 1.21 | ||||||||||||||||||||
Summary of Status of Stock Options | ' | ||||||||||||||||||||||
A summary of the status of Birks’ stock options at March 29, 2014 is presented below: | |||||||||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||||||||
Exercise price | Number | Weighted | Weighted | Number | Weighted | ||||||||||||||||||
outstanding | average | average | exercisable | average | |||||||||||||||||||
remaining | exercise | exercise | |||||||||||||||||||||
life (years) | price | price | |||||||||||||||||||||
$ | 0.89-1.00 | 373,131 | 4.9 | $ | 0.93 | 203,134 | $ | 0.98 | |||||||||||||||
$ | 1.01-1.05 | 156,454 | 7.7 | 1.04 | 106,454 | 1.04 | |||||||||||||||||
$ | 1.25-1.66 | 120,000 | 8.1 | 1.47 | 55,000 | 1.25 | |||||||||||||||||
$ | 7.73 | 15,000 | 0.1 | 7.73 | 15,000 | 7.73 | |||||||||||||||||
664,585 | 6 | $ | 1.21 | 379,588 | $ | 1.3 | |||||||||||||||||
Mayors Stock Option Plan [Member] | ' | ||||||||||||||||||||||
Summary of Status of Stock Options | ' | ||||||||||||||||||||||
A summary of the status of the option plans at March 29, 2014 is presented below: | |||||||||||||||||||||||
Options outstanding and exercisable | |||||||||||||||||||||||
Exercise price | Number | Weighted average | Weighted average | ||||||||||||||||||||
outstanding | remaining life (years) | exercise price | |||||||||||||||||||||
$ | 1.05 | 1,229 | 6.1 | $ | 1.05 | ||||||||||||||||||
$ | 6.00 – 9.00 | 2,607 | 0.8 | 7.14 | |||||||||||||||||||
3,836 | 2.5 | $ | 5.19 | ||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||||
The following is a summary of the activity of Mayors stock option plans: | |||||||||||||||||||||||
Options | Weighted average | ||||||||||||||||||||||
exercise price | |||||||||||||||||||||||
Outstanding March 26, 2011 | 224,240 | $ | 7.4 | ||||||||||||||||||||
Forfeited/cancelled | (6,494 | ) | 52.33 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Net Deferred Tax Assets | ' | ||||||||||||
The significant items comprising the Company’s net deferred tax assets at March 29, 2014 and March 30, 2013 are as follows: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Loss and tax credit carry forwards | $ | 41,889 | $ | 41,776 | |||||||||
Difference between book and tax basis of property and equipment | 2,344 | 2,746 | |||||||||||
Interest expense limitations carry forward | 7,525 | 6,292 | |||||||||||
Inventory allowances | 608 | 759 | |||||||||||
Other reserves not currently deductible | 724 | 874 | |||||||||||
Capital lease obligation | 3,204 | 3,617 | |||||||||||
Expenses not currently deductible | 419 | 439 | |||||||||||
Other | 96 | 104 | |||||||||||
Net deferred tax asset before valuation allowance | 56,809 | 56,607 | |||||||||||
Valuation allowance | (56,809 | ) | (56,607 | ) | |||||||||
Net deferred tax asset | $ | — | $ | — | |||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
The following table reconciles the unrecognized tax benefits at March 29, 2014 and March 30, 2013: | |||||||||||||
Fiscal Year Ended | |||||||||||||
March 29, 2014 | March 30, 2013 | ||||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits at the beginning of the year | $ | — | $ | — | |||||||||
Gross increase – tax position in current period | 183 | 299 | |||||||||||
Applied against certain element of deferred tax assets | (183 | ) | (299 | ) | |||||||||
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 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
(In thousands) | |||||||||||||
Income tax expense (benefit): | |||||||||||||
Current | $ | 183 | $ | 299 | $ | 332 | |||||||
Deferred | (1,525 | ) | 393 | (820 | ) | ||||||||
Valuation allowance | 1,360 | (672 | ) | 511 | |||||||||
Income tax expense | $ | 18 | $ | 20 | $ | 23 | |||||||
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 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
Canadian statutory rate | 26.4 | % | 26.2 | % | 27.5 | % | |||||||
Rate differential for U.S. operations | 2 | % | (7.3 | )% | (139.1 | )% | |||||||
Adjustment to valuation allowance | (26.8 | )% | 21 | % | 493.9 | % | |||||||
Utilization of unrecognized losses and other tax attributes | 0 | % | (45.3 | )% | (395.5 | )% | |||||||
Permanent differences and other | (2.1 | )% | 6.7 | % | 22.7 | % | |||||||
Total | (0.5 | )% | 1.3 | % | 9.5 | % | |||||||
Capital_stock_Tables
Capital stock (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||
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 | Amount | Number of | Amount | Number of | Amount | ||||||||||||||||||||
Shares | Shares | Shares | |||||||||||||||||||||||
Balance as of March 31, 2012 | 3,673,615 | $ | 22,283 | 7,717,970 | $ | 38,613 | 11,391,585 | $ | 60,896 | ||||||||||||||||
Stock rights offering | 3,442,026 | 3,593 | — | — | 3,442,026 | 3,593 | |||||||||||||||||||
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 | ||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Mar. 29, 2014 | |||||
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: | |||||
2015 | $ | 14,184 | |||
2016 | 11,746 | ||||
2017 | 10,192 | ||||
2018 | 7,083 | ||||
2019 | 5,447 | ||||
Thereafter | 14,596 | ||||
$ | 63,248 | ||||
Segmented_information_Tables
Segmented information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Mar. 29, 2014 | |||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of Information Relating to Segments | ' | ||||||||||||||||||||||||||||||||||||
Certain information relating to the Company’s segments for the years ended March 29, 2014, March 30, 2013, and March 31, 2012, respectively, is set forth below: | |||||||||||||||||||||||||||||||||||||
Retail | Other | Total | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Sales to external customers | $ | 270,630 | $ | 274,725 | $ | 279,345 | $ | 10,535 | $ | 18,034 | $ | 22,972 | $ | 281,165 | $ | 292,759 | $ | 302,317 | |||||||||||||||||||
Inter-segment sales | $ | — | $ | — | $ | — | $ | 18,320 | $ | 25,126 | $ | 27,076 | $ | 18,320 | $ | 25,126 | $ | 27,076 | |||||||||||||||||||
Unadjusted gross profit | $ | 114,210 | $ | 120,554 | $ | 125,749 | $ | 5,663 | $ | 10,612 | $ | 13,945 | $ | 119,873 | $ | 131,166 | $ | 139,694 | |||||||||||||||||||
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 29, 2014, March 30, 2013 and March 31, 2012: | |||||||||||||||||||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||||||||||||||||||
March 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Unadjusted gross profit | $ | 119,873 | $ | 131,166 | $ | 139,694 | |||||||||||||||||||||||||||||||
Inventory provisions | (3,010 | ) | (2,763 | ) | (2,998 | ) | |||||||||||||||||||||||||||||||
Other unallocated costs | (2,801 | ) | (2,527 | ) | (3,051 | ) | |||||||||||||||||||||||||||||||
Adjustment of intercompany profit | 605 | 298 | (415 | ) | |||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 114,667 | $ | 126,174 | $ | 133,230 | |||||||||||||||||||||||||||||||
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 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Geographic Areas | |||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||
Canada | $ | 146,277 | $ | 158,834 | $ | 163,027 | |||||||||||||||||||||||||||||||
United States | 134,888 | 133,925 | 139,290 | ||||||||||||||||||||||||||||||||||
$ | 281,165 | $ | 292,759 | $ | 302,317 | ||||||||||||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||||||||||
Canada | $ | 19,484 | $ | 18,966 | $ | 20,330 | |||||||||||||||||||||||||||||||
United States | 13,281 | 9,963 | 7,805 | ||||||||||||||||||||||||||||||||||
$ | 32,765 | $ | 28,929 | $ | 28,135 | ||||||||||||||||||||||||||||||||
Classes of Similar Products | |||||||||||||||||||||||||||||||||||||
Net sales: | |||||||||||||||||||||||||||||||||||||
Jewelry and other | $ | 148,511 | $ | 164,492 | $ | 172,487 | |||||||||||||||||||||||||||||||
Timepieces | 132,654 | 128,267 | 129,830 | ||||||||||||||||||||||||||||||||||
$ | 281,165 | $ | 292,759 | $ | 302,317 | ||||||||||||||||||||||||||||||||
Related_party_transactions_Tab
Related party transactions (Tables) | 12 Months Ended | ||||||||||||
Mar. 29, 2014 | |||||||||||||
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 29, 2014 | March 30, 2013 | March 31, 2012 | |||||||||||
(In thousands) | |||||||||||||
Transactions: | |||||||||||||
Purchases of inventory from supplier related to shareholder | $ | — | $ | 262 | $ | 1,803 | |||||||
Management fees to a related party | 188 | 180 | 158 | ||||||||||
Consultant fees to a related party | 156 | 165 | 165 | ||||||||||
Expense reimbursement to a related party | 237 | 241 | 238 | ||||||||||
Interest expense on cash advance received from controlling shareholder | 164 | 308 | 609 | ||||||||||
Wholesale distribution service payments to a related party | 1 | 3 | 11 | ||||||||||
Balances: | |||||||||||||
Accounts payable to supplier related to shareholder | — | 31 | 170 | ||||||||||
Accounts payable to related parties | 57 | 65 | 69 | ||||||||||
Interest payable on cash advance received from controlling shareholder | 13 | 14 | 47 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Aug. 30, 2014 | Mar. 29, 2014 | Aug. 30, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | |
USD ($) | USD ($) | USD ($) | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Investissement Quebec [Member] | Investissement Quebec [Member] | Recapitalization [Member] | Recapitalization [Member] | Recapitalization [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | |
USD ($) | USD ($) | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Maximum [Member] | Minimum [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Recapitalization [Member] | ||||
CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | Maximum [Member] | ||||||||
USD ($) | ||||||||||||||
Organization And Description Of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional reserve established by lenders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,500,000 |
Percentage of changes in the cash flow | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | 10.00% | ' | ' | ' | ' |
Additional financial support agreed | ' | ' | ' | 5,000,000 | 5,000,000 | 2,500,000 | 2,500,000 | 3,000,000 | ' | ' | ' | 3,000,000 | 3,000,000 | ' |
Reduction of senior secured revolving credit facility | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' |
Net (loss) income | -5,801,000 | 1,513,000 | 219,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities | ($19,117,000) | $6,176,000 | $4,583,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet1
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Depreciation of assets | $97,000 | $208,000 | $279,000 |
Amounts receivable from credit card issuers | 2,300,000 | 1,900,000 | ' |
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 | 1,900,000 | 1,700,000 | ' |
Accumulated amortization of intangible assets | 800,000 | 700,000 | ' |
Period of warranties | '3 years | ' | ' |
Asset impairment charge | 0 | 0 | 0 |
Reimbursement of advertising cost | 2,600,000 | 2,900,000 | 2,900,000 |
Advertising and marketing expense | 11,000,000 | 10,800,000 | 9,900,000 |
Stock options [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Outstanding | 668,421 | 232,821 | 230,694 |
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 | -200,000 | 100,000 | -300,000 |
Interest and other financial costs [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Gains (losses) on foreign exchange | $300,000 | $200,000 | $100,000 |
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 | 7.90% | ' | ' |
Recovered_Sheet2
Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Mar. 29, 2014 | |
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 | '10 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 |
Recovered_Sheet3
Significant Accounting Policies - Basic and Diluted Earnings Per Common Share (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Numerator: | ' | ' | ' |
Net (loss) income | ($5,801) | $1,513 | $219 |
Denominator: | ' | ' | ' |
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 |
(Loss) income per common share | ($0.35) | $0.11 | $0.02 |
Numerator: | ' | ' | ' |
Net (loss) income | ($5,801) | $1,513 | $219 |
Denominator: | ' | ' | ' |
Weighted-average common shares outstanding | 16,617 | 13,538 | 11,392 |
Dilutive effect of stock options, warrants and stock appreciation rights (SARs) | ' | 6 | 46 |
Weighted-average common shares outstanding - diluted | 16,617 | 13,544 | 11,438 |
Diluted (loss) income per common share | ($0.35) | $0.11 | $0.02 |
Accounts_Receivable_Summary_of
Accounts Receivable - Summary of Accounts Receivables (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Customer trade receivables | $5,777 | $4,884 |
Other receivables | 1,557 | 1,755 |
Total | $7,334 | $6,639 |
Accounts_Receivable_Additional
Accounts Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 29, 2014 | Mar. 30, 2013 | |
Accounts Receivables [Line Items] | ' | ' |
Customer trade receivables | $5,777,000 | $4,884,000 |
Non accrual [Member] | ' | ' |
Accounts Receivables [Line Items] | ' | ' |
Customer trade receivables | 200,000 | 300,000 |
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 | $2,700,000 | $2,900,000 |
Accounts_Receivable_Schedule_o
Accounts Receivable - Schedule of Continuity of Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Receivables [Abstract] | ' | ' | ' |
Beginning balance | $2,109 | $2,465 | $2,482 |
Reduction in provision recorded | -7 | ' | ' |
Additional provision recorded | ' | -23 | 231 |
Net write-offs | -296 | -333 | -248 |
Ending balance | $1,806 | $2,109 | $2,465 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $3,914 | $3,609 |
Work in progress | 541 | 426 |
Retail inventories and manufactured finished goods | 140,189 | 132,976 |
Total inventory | $144,644 | $137,011 |
Inventories_Continuity_of_Obso
Inventories - Continuity of Obsolescence Reserve for Inventory (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Beginning balance | $3,557 | $4,680 | $5,086 |
Additional charges | 1,214 | 1,304 | 2,462 |
Deductions | -2,257 | -2,427 | -2,868 |
Ending balance | $2,514 | $3,557 | $4,680 |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $95,977 | $93,918 |
Accumulated depreciation | -65,054 | -66,592 |
Property and equipment, Net | 30,923 | 27,326 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 5,887 | 6,414 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 8,690 | 9,444 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 46,779 | 44,770 |
Equipment and vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 2,269 | 2,193 |
Molds [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 1,141 | 1,238 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 9,760 | 9,599 |
Software and electronic equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $21,451 | $20,260 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and plant under capital lease arrangement, cost | $95,977,000 | $93,918,000 |
Assets Held under Capital Leases [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and plant under capital lease arrangement, cost | 19,300,000 | 13,700,000 |
Property and plant under capital lease arrangement, net book value | $11,700,000 | $8,100,000 |
Bank_Indebtedness_Additional_I
Bank Indebtedness - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Mar. 29, 2014 | Mar. 29, 2014 | Feb. 10, 2014 | Jan. 20, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | |
USD ($) | CAD | USD ($) | USD ($) | USD ($) | Senior Notes [Member] | Extended Maturity Date [Member] | Extended Maturity Date One [Member] | Senior secured credit facility extended revolving [Member] | Maximum [Member] | Minimum [Member] | |
USD ($) | Senior secured revolving credit facility [Member] | ||||||||||
USD ($) | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility Interest rate-Fixed percentage added to LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 2.00% |
Reduction in the interest rate charged | 0.25% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Expiration Date | 30-Jun-15 | 30-Jun-15 | ' | ' | ' | ' | 22-Aug-17 | 22-Aug-18 | ' | ' | ' |
Secured Long Term Debt | ' | ' | ' | ' | ' | $18,000,000 | ' | ' | ' | ' | ' |
Senior Secured Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | 28,000,000 | ' | ' |
Interest rate reduced on senior secured term loan | 9.50% | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Libor plus interest | 6.50% | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Interest Rate | ' | ' | ' | ' | ' | ' | 8.77% | ' | ' | ' | ' |
Bank indebtedness | 73,941,000 | ' | ' | ' | 67,307,000 | ' | ' | ' | ' | ' | ' |
Discretionary reserve limit | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discretionary reserve | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental availability reserve | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold for earnings before interest, taxes, depreciation and amortization | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility, seasonal availability block | ' | ' | 5,000,000 | 12,500,000 | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility, increase or decrease in the amount of excess availability | 73,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility, excess availability | 17,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate dividend payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 1 |
Minimum excess availability | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage on moveable property (general) under the Civil Code (Quebec) | $225,958,000 | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank_Indebtedness_Summary_of_C
Bank Indebtedness - Summary of Company's Senior Credit Facility (Detail) (Senior Secured Notes [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Senior Secured Notes [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum borrowing outstanding during the year | $93,184 | $100,548 |
Average outstanding balance during the year | $78,164 | $78,371 |
Weighted average interest rate for the year | 3.40% | 3.60% |
Effective interest rate at year-end | 3.30% | 3.60% |
Longterm_debt_Summary_of_Long_
Long-term debt - Summary of Long Term Debt (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt and Capital lease obligations | $54,750 | $41,895 |
Current portion of long-term debt | 4,537 | 3,795 |
Long-term debt | 50,213 | 38,100 |
Capital leasing arrangements [Member] | Land and Building [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Obligation under capital leases | 12,151 | 13,767 |
Term Loan From Investissement Quebec Prime Plus Seven Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 4,519 | ' |
Term Loan From Investissement Quebec Prime Plus Five Point Five Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 4,708 | 7,590 |
Term Loan Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 28,000 | 18,000 |
Secured Debt [Member] | Furniture and equipment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Obligation under capital leases | 3,872 | 388 |
Cash contribution [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,500 | 1,500 |
Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | $650 |
Longterm_debt_Summary_of_Long_1
Long-term debt - Summary of Long Term Debt (Parenthetical) (Detail) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 30, 2013 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 30, 2013 | |
Capital leasing arrangements [Member] | Capital leasing arrangements [Member] | Term Loan From Investissement Quebec Prime Plus Seven Percent [Member] | Term Loan From Investissement Quebec Prime Plus Seven Percent [Member] | Term Loan From Investissement Quebec Prime Plus Seven Percent [Member] | Term Loan From Investissement Quebec Prime Plus Seven Percent [Member] | Term Loan From Investissement Quebec Prime Plus Five Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Five Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Five Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Five Point Five Percent [Member] | Land and Building [Member] | Land and Building [Member] | Land and Building [Member] | Land and Building [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Cash contribution [Member] | Cash contribution [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | Term Loan From Investissement Quebec Prime Plus Three Point Five Percent [Member] | ||
USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | Capital leasing arrangements [Member] | Capital leasing arrangements [Member] | Capital leasing arrangements [Member] | Capital leasing arrangements [Member] | Senior Secured Loans [Member] | Senior Secured Loans [Member] | Repayment period one [Member] | Repayment period one [Member] | Repayment period one [Member] | Repayment period one [Member] | Repayment period two [Member] | Repayment period two [Member] | Repayment period two [Member] | Repayment period two [Member] | ||||||||
Installment | Installment | Installment | Installment | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | ||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured long term debt | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.77% | 8.77% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale Leaseback transaction implicit annual interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.74% | 10.74% | 10.74% | 10.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital repayment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 months | '20 months | '20 months | '20 months | '40 months | '40 months | '40 months | '40 months |
Line of Credit Facility Expiration Date | 30-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Aug-18 | 31-Aug-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Repayment amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31,634 | 35,000 | $31,634 | 35,000 | ' | ' | ' | ' |
Capital lease period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | '20 years | '20 years | '20 years | '4 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments Of Debt And Capital Lease Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,629 | 167,762 | 151,629 | 167,762 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual rate of prime plus | ' | ' | ' | 7.00% | 7.00% | 7.00% | 7.00% | 5.50% | 5.50% | 5.50% | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of installments | ' | ' | ' | 60 | 60 | 60 | 60 | 48 | 48 | 48 | 48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital repayments | ' | ' | ' | 75,319 | 83,333 | 75,319 | 83,333 | 188,298 | 208,333 | 188,298 | 208,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,711 | 55,000 | 49,711 | 55,000 |
Debt Instrument Interest Rate Stated Percentage Rate Range Minimum | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance of term loan | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | 5,208,000 | ' | 7,708,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount of repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,444,000 | ' | 13,981,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 660,000 |
Debt Instrument Interest Rate Stated Percentage Rate Range Maximum | ' | 10.00% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on Cash advances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_debt_Summary_of_Futur
Long-term debt - Summary of Future Minimum Lease Payments for Capital Leases (Detail) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2015 | $3,546 |
2016 | 3,456 |
2017 | 2,909 |
2018 | 2,263 |
2019 | 2,012 |
Thereafter | 9,390 |
Minimum Capital Lease Payments | 23,576 |
Less imputed interest | 7,553 |
Total | $16,023 |
Longterm_debt_Summary_of_Princ
Long-term debt - Summary of Principal Payment on Long Term Debt Including Obligation Under Capital Lease (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2015 | $4,537 | ' |
2016 | 5,196 | ' |
2017 | 2,822 | ' |
2018 | 2,119 | ' |
2019 | 29,986 | ' |
Thereafter | 10,090 | ' |
Long-term debt and Capital lease obligations | $54,750 | $41,895 |
Longterm_debt_Additional_Infor
Long-term debt - Additional Information (Detail) | 12 Months Ended | ||||
Mar. 29, 2014 | Mar. 29, 2014 | Dec. 11, 2013 | Dec. 11, 2013 | Mar. 30, 2013 | |
USD ($) | CAD | USD ($) | CAD | USD ($) | |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' |
Outstanding letters of credit | $1,900,000 | ' | ' | ' | $1,700,000 |
Lease period | '20 years | '20 years | ' | ' | ' |
Annual rent rate | $2,000,000 | 2,013,138 | $1,800,000 | 2,013,138 | ' |
Increase in percentage of annual rent rate | 10.00% | 10.00% | ' | ' | ' |
Condition for lease agreement | 'The Company has four options to renew and extend the term of the lease for four further terms of five years each, except for the last option which is five years less eleven days, terminating on November 30, 2040. Subject to specific terms and conditions, the Company also has two options to purchase the premises, which may be exercised no later than six months prior to the end of the fifteenth year of the term of the lease and the end of the twentieth year of the term of the lease, respectively. | 'The Company has four options to renew and extend the term of the lease for four further terms of five years each, except for the last option which is five years less eleven days, terminating on November 30, 2040. Subject to specific terms and conditions, the Company also has two options to purchase the premises, which may be exercised no later than six months prior to the end of the fifteenth year of the term of the lease and the end of the twentieth year of the term of the lease, respectively. | ' | ' | ' |
Recovered_Sheet4
Benefit Plans and Stock-Based Compensation - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | |
USD ($) | USD ($) | USD ($) | Class A voting share [Member] | Class A voting share [Member] | Class A voting share [Member] | Class A voting share [Member] | Class A voting share [Member] | Amended Birks Employee Stock Option Plan [Member] | Amended Birks Employee Stock Option Plan [Member] | Amended Birks Employee Stock Option Plan [Member] | Stock Compensation Plan [Member] | Stock appreciation rights [Member] | Stock appreciation rights [Member] | Stock appreciation rights [Member] | Combined Equity Award Plans [Member] | Mayors Stock Option Plan [Member] | Mayors Stock Option Plan [Member] | Mayors Stock Option Plan [Member] | Mayors Stock Option Plan [Member] | Employee Stock Purchase Plans [Member] | Employee Stock Purchase Plans [Member] | Employee Stock Purchase Plans [Member] | Employee Stock Purchase Plans [Member] | Profit Sharing 401 K Plan [Member] | Profit Sharing 401 K Plan [Member] | Profit Sharing 401 K Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | ||
USD ($) | USD ($) | USD ($) | CAD | Chief Executive Officer [Member] | Class A voting share [Member] | Class A voting share [Member] | Class A voting share [Member] | Class A voting share [Member] | USD ($) | USD ($) | USD ($) | Class A voting share [Member] | USD ($) | USD ($) | USD ($) | Class A voting share [Member] | USD ($) | USD ($) | USD ($) | Class A voting share [Member] | Class A voting share [Member] | Stock appreciation rights [Member] | |||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Class A voting share [Member] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized issuance of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,304,025 | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | 900,000 | ' | ' |
Stock appreciation rights granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,320 |
Long term incentive plan stock appreciation rights, weighted average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.93 | ' | ' |
Options outstanding | 664,585 | 624,618 | 496,118 | 323,086 | ' | ' | ' | ' | 168,131 | ' | ' | ' | ' | ' | ' | ' | ' | 3,836 | 9,081 | 217,746 | 224,240 | ' | ' | ' | ' | ' | ' | ' | 475,000 | ' | ' |
Stock options issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,000 | 130,000 | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.16 | $0.89 | ' |
Expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.02 | $0.79 | ' |
Dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' |
Expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94.50% | 95.10% | ' |
Risk free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.19% | 1.59% | ' |
Weighted average expected term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Intrinsic value of outstanding options | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation, non-vested portion of stock option | ' | ' | ' | ' | 135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation Cost for recognized earning | ' | ' | ' | ' | 143,000 | 118,000 | 79,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock option description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Birks ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,454 | 6,674 | 8,174 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price Class A voting shares | ' | ' | ' | ' | $7.61 | ' | ' | 7.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price per share | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, Weighted average remaining life (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | '2 years 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,347 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based payment arrangements | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding warrants | 382,693 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price | $3.42 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant expiry date | 20-Aug-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchase percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' | ' | ' | ' | ' |
Outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,995 | ' | ' | ' | ' | ' | ' |
Additional shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' |
Additional shares to be issued under this plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'No additional shares will be issued under this plan | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet5
Benefit Plans and Stock-Based Compensation - Summary of Activity of Stock Option Plans and Arrangements (Detail) (USD $) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Outstanding Beginning balance | 624,618 | 496,118 | 323,086 |
Granted | 165,000 | 130,000 | 175,000 |
Exercised | -74,813 | ' | -1,080 |
Cancelled | -50,220 | -1,500 | -888 |
Outstanding Ending balance | 664,585 | 624,618 | 496,118 |
Outstanding Beginning balance | $1.18 | $1.26 | $1.39 |
Granted | $1.16 | $0.89 | $1.07 |
Exercised | $1 | ' | $1.05 |
Cancelled | $1.07 | $3.28 | $7.07 |
Outstanding Ending balance | $1.21 | $1.18 | $1.26 |
Benefit_Plans_and_StockBased_C2
Benefit Plans and Stock-Based Compensation - Summary of Status of Stock Options (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 |
Range One [Member] | Range Two [Member] | Range Three [Member] | Range Four [Member] | Options Outstanding [Member] | Options Outstanding [Member] | Options Outstanding [Member] | Options Outstanding [Member] | Options Outstanding [Member] | Options Exercisable [Member] | Options Exercisable [Member] | Options Exercisable [Member] | Options Exercisable [Member] | Options Exercisable [Member] | |||||
Range One [Member] | Range Two [Member] | Range Three [Member] | Range Four [Member] | Range One [Member] | Range Two [Member] | Range Three [Member] | Range Four [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price, Lower limit | ' | ' | ' | ' | $0.89 | $1.01 | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price, Upper limit | ' | ' | ' | ' | $1 | $1.05 | $1.66 | $7.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding, Number outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 664,585 | 373,131 | 156,454 | 120,000 | 15,000 | ' | ' | ' | ' | ' |
Options outstanding, Weighted average remaining life (years) | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '4 years 10 months 24 days | '7 years 8 months 12 days | '8 years 1 month 6 days | '1 month 6 days | ' | ' | ' | ' | ' |
Options outstanding, Weighted average exercise price | $1.21 | $1.18 | $1.26 | $1.39 | ' | ' | ' | ' | $1.21 | $0.93 | $1.04 | $1.47 | $7.73 | ' | ' | ' | ' | ' |
Options exercisable, Number exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 379,588 | 203,134 | 106,454 | 55,000 | 15,000 |
Options exercisable, Weighted average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.30 | $0.98 | $1.04 | $1.25 | $7.73 |
Benefit_Plans_and_StockBased_C3
Benefit Plans and Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Mayors Stock Option Plan [Member] | Mayors Stock Option Plan [Member] | Mayors Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Outstanding Beginning balance | 664,585 | 624,618 | 496,118 | 323,086 | 9,081 | 217,746 | 224,240 |
Forfeited/cancelled/Expired | ' | ' | ' | ' | -5,245 | -208,665 | -6,494 |
Outstanding Ending balance | 664,585 | 624,618 | 496,118 | 323,086 | 3,836 | 9,081 | 217,746 |
Outstanding Beginning balance | $1.21 | $1.18 | $1.26 | $1.39 | $7.18 | $6.06 | $7.40 |
Expired | ' | ' | ' | ' | $8.63 | $6.01 | $52.33 |
Outstanding Ending balance | $1.21 | $1.18 | $1.26 | $1.39 | $5.19 | $7.18 | $6.06 |
Benefit_Plans_and_StockBased_C4
Benefit Plans and Stock-Based Compensation - Summary of Stock Option Plans (Detail) (USD $) | 12 Months Ended | |||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 26, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number outstanding | 664,585 | 624,618 | 496,118 | 323,086 |
Options outstanding and exercisable Weighted average exercise price | $1.21 | $1.18 | $1.26 | $1.39 |
Mayors Stock Option Plan [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number outstanding | 3,836 | 9,081 | 217,746 | 224,240 |
Options outstanding and exercisable Weighted average remaining life (years) | '2 years 6 months | ' | ' | ' |
Options outstanding and exercisable Weighted average exercise price | $5.19 | $7.18 | $6.06 | $7.40 |
Mayors Stock Option Plan [Member] | Exercise Prices ($ 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 | 1,229 | ' | ' | ' |
Options outstanding and exercisable Weighted average remaining life (years) | '6 years 1 month 6 days | ' | ' | ' |
Options outstanding and exercisable Weighted average exercise price | $1.05 | ' | ' | ' |
Mayors Stock Option Plan [Member] | Exercise Prices ($ 6.00 - 9.00) [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of exercise price, Lower limit | $6 | ' | ' | ' |
Range of exercise price, Upper limit | $9 | ' | ' | ' |
Number outstanding | 2,607 | ' | ' | ' |
Options outstanding and exercisable Weighted average remaining life (years) | '9 months 18 days | ' | ' | ' |
Options outstanding and exercisable Weighted average exercise price | $7.14 | ' | ' | ' |
Income_taxes_Additional_Inform
Income taxes - Additional Information (Detail) | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 |
USD ($) | USD ($) | USD ($) | Alternative Minimum Tax Credit [Member] | Foreign Tax Authority [Member] | State and Local Jurisdiction [Member] | Foreign Country Section Three Eight Two Limitation [Member] | Domestic Tax Authority [Member] | Domestic Tax Authority [Member] | Domestic Tax Authority [Member] | Domestic Tax Authority [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | Investment Tax Credit Carryforward [Member] | Investment Tax Credit Carryforward [Member] | ||||
USD ($) | CAD | ||||||||||
Tax Credit Carryforward [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest related to uncertain tax positions | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non cash valuation allowance | 56,809,000 | 56,607,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal tax payable | 18,000 | 5,800 | 5,800 | ' | ' | ' | ' | ' | ' | ' | ' |
Federal non capital losses | ' | ' | ' | ' | 106,400,000 | 98,300,000 | ' | 21,200,000 | 23,500,000 | ' | ' |
Investment tax credits | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | 235,000 | 260,000 |
Expire date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Between 2022 and 2032 | 'Between 2022 and 2032 |
Pre-acquisition net operating loss | ' | ' | ' | ' | ' | ' | 35,300,000 | ' | ' | ' | ' |
Pre-acquisition net operating loss limited | ' | ' | ' | ' | ' | ' | $953,000 | ' | ' | ' | ' |
Federal net operating loss carry forwards expiration Dates | ' | ' | ' | ' | 'Beginning in fiscal 2020 through fiscal 2033 | 'Beginning in fiscal 2018 through fiscal 2033 | ' | ' | ' | ' | ' |
Income_Taxes_Summary_of_Net_De
Income Taxes - Summary of Net Deferred Tax Assets (Detail) (USD $) | Mar. 29, 2014 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Loss and tax credit carry forwards | $41,889 | $41,776 |
Difference between book and tax basis of property and equipment | 2,344 | 2,746 |
Interest expense limitations carry forward | 7,525 | 6,292 |
Inventory allowances | 608 | 759 |
Other reserves not currently deductible | 724 | 874 |
Capital lease obligation | 3,204 | 3,617 |
Expenses not currently deductible | 419 | 439 |
Other | 96 | 104 |
Net deferred tax asset before valuation allowance | 56,809 | 56,607 |
Valuation allowance | -56,809 | -56,607 |
Net deferred tax asset | $0 | $0 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits at the beginning of the year | $0 | $0 |
Gross increase - tax position in current period | 183 | 299 |
Applied against certain element of deferred tax assets | -183 | -299 |
Unrecognized tax benefits at the end of the year | $0 | $0 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Current | $183 | $299 | $332 |
Deferred | -1,525 | 393 | -820 |
Valuation allowance | 1,360 | -672 | 511 |
Income tax expense | $18 | $20 | $23 |
Income_Taxes_Schedule_of_Effec
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Canadian statutory rate | 26.40% | 26.20% | 27.50% |
Rate differential for U.S. operations | 2.00% | -7.30% | -139.10% |
Adjustment to valuation allowance | -26.80% | 21.00% | 493.90% |
Utilization of unrecognized losses and other tax attributes | 0.00% | -45.30% | -395.50% |
Permanent differences and other | -2.10% | 6.70% | 22.70% |
Total | -0.50% | 1.30% | 9.50% |
Capital_Stock_Additional_Infor
Capital Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Mar. 29, 2014 | Aug. 31, 2013 | Mar. 29, 2014 | |
Class | Montrovest BV [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | |||
Montrovest BV [Member] | ||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock voting rights per share | ' | ' | ' | ' | ' | $1 | ' | $10 |
Preferred shares par value | ' | ' | ' | ' | ' | ' | ' | ' |
Number of classes of common stock outstanding | ' | 2 | ' | ' | ' | ' | ' | ' |
Debentures converted to voting shares, value | $5,000,000 | ' | ' | ' | $5,000,000 | ' | $4,800,000 | ' |
Net proceeds after expense on debenture conversion | ' | ' | ' | ' | ' | ' | $4,861,000 | ' |
Annual interest rate of debentures sold under private placement | 6.00% | ' | ' | ' | 6.00% | ' | ' | ' |
Debenture conversion price | $1.30 | ' | ' | ' | $1.70 | ' | ' | ' |
Debentures converted to voting shares | ' | ' | ' | 2,828,634 | 2,941,085 | ' | 2,828,634 | ' |
Capital_Stock_Summary_of_Commo
Capital Stock - Summary of Common Stock Outstanding (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Beginning Balance, Shares | 14,833,611 | 11,391,585 | ' | ||
Exercise of stock options, Shares | 74,813 | ' | 1,080 | ||
Exercise of stock options | $74 | ' | $1 | ||
Stock rights offering, Shares | ' | 3,442,026 | ' | ||
Private Placement, Shares | 2,941,085 | ' | ' | ||
Private Placement | 4,861 | ' | ' | ||
Ending Balance, Shares | 17,849,509 | 14,833,611 | 11,391,585 | ||
Balance as of beginning balance | 64,489 | 60,896 | ' | ||
Stock rights offering | 4,861 | 3,593 | ' | ||
Balance as of ending balance | 69,475 | 64,489 | 60,896 | ||
Class A Common Stock [Member] | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Beginning Balance, Shares | 7,115,641 | 3,673,615 | ' | ||
Exercise of stock options, Shares | 74,813 | ' | ' | ||
Exercise of stock options | 125 | ' | ' | ||
Stock rights offering, Shares | ' | 3,442,026 | ' | ||
Private Placement, Shares | 2,941,085 | ' | ' | ||
Private Placement | 4,861 | ' | ' | ||
Ending Balance, Shares | 10,131,539 | 7,115,641 | ' | ||
Balance as of beginning balance | 25,876 | [1] | 22,283 | ' | |
Stock rights offering | ' | 3,593 | ' | ||
Balance as of ending balance | 30,862 | [1] | 25,876 | [1] | ' |
Class B Common Stock [Member] | ' | ' | ' | ||
Class of Stock [Line Items] | ' | ' | ' | ||
Ending Balance, Shares | 7,717,970 | 7,717,970 | 7,717,970 | ||
Balance as of ending balance | $38,613 | [1] | $38,613 | [1] | $38,613 |
[1] | unlimited shares authorized |
Commitments_Minimum_Future_Pay
Commitments - Minimum Future Payments Under Leases (Detail) (USD $) | Mar. 29, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2015 | $14,184 |
2016 | 11,746 |
2017 | 10,192 |
2018 | 7,083 |
2019 | 5,447 |
Thereafter | 14,596 |
Operating Leases, Future Minimum Payments Due, Total | $63,248 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $24.30 | $25.20 | $26.20 |
Contingent rent expense | $0.30 | $0.40 | $0.50 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 |
Contingencies [Line Items] | ' | ' |
Guaranteed amount of private label credit card sales | $5 | $6 |
Reserve associated with guaranteed credit card sales | 0.4 | 0.4 |
Distribution agreement period | '5 years | ' |
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 | ' |
Prime Investments S.A. [Member] | Supplier Concentration Risk [Member] | ' | ' |
Contingencies [Line Items] | ' | ' |
Percentage of annualized cost basis | 45.00% | ' |
Segmented_Information_Addition
Segmented Information - Additional Information (Detail) | 12 Months Ended |
Mar. 29, 2014 | |
Segment | |
Segment Information [Line Items] | ' |
Number of reportable segment | 2 |
Birks Brand [Member] | Retail Segment [Member] | ' |
Segment Information [Line Items] | ' |
Number of retail stores | 29 |
Mayors Brand [Member] | Retail Segment [Member] | ' |
Segment Information [Line Items] | ' |
Number of retail stores | 19 |
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 | 2 |
Segmented_Information_Schedule
Segmented Information - Schedule of Information Relating to Segments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | $281,165 | $292,759 | $302,317 |
Unadjusted gross profit | 119,873 | 131,166 | 139,694 |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Inter-segment sales | 18,320 | 25,126 | 27,076 |
Retail Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Unadjusted gross profit | 114,210 | 120,554 | 125,749 |
Retail Segment [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 270,630 | 274,725 | 279,345 |
Other Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Unadjusted gross profit | 5,663 | 10,612 | 13,945 |
Other Segments [Member] | Operating Segments [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to external customers | 10,535 | 18,034 | 22,972 |
Other Segments [Member] | Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Inter-segment sales | $18,320 | $25,126 | $27,076 |
Segmented_Information_Schedule1
Segmented Information - Schedule of Reconciliations of Segments Gross Profits and Certain Unallocated Costs to Consolidated Gross Profits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Segment Reporting [Abstract] | ' | ' | ' |
Unadjusted gross profit | $119,873 | $131,166 | $139,694 |
Inventory provisions | -3,010 | -2,763 | -2,998 |
Other unallocated costs | -2,801 | -2,527 | -3,051 |
Adjustment of intercompany profit | 605 | 298 | -415 |
Adjusted gross profit | $114,667 | $126,174 | $133,230 |
Segmented_Information_Schedule2
Segmented Information - Schedule of Sales to External Customers and Long-Lived Assets by Geographical Areas (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales, total | $281,165 | $292,759 | $302,317 |
Long-lived assets, total | 32,765 | 28,929 | 28,135 |
Canada [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales, total | 146,277 | 158,834 | 163,027 |
Long-lived assets, total | 19,484 | 18,966 | 20,330 |
United States [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales, total | 134,888 | 133,925 | 139,290 |
Long-lived assets, total | 13,281 | 9,963 | 7,805 |
Jewelry and Other [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales, total | 148,511 | 164,492 | 172,487 |
Timepieces [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Net sales, total | $132,654 | $128,267 | $129,830 |
Related_Party_Transactions_Bal
Related Party Transactions - Balance Related to Related Parties (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' |
Purchases of inventory from supplier related to shareholder | ' | $262 | $1,803 |
Management fees to a related party | 188 | 180 | 158 |
Consultant fees to a related party | 156 | 165 | 165 |
Expense reimbursement to a related party | 237 | 241 | 238 |
Interest expense on cash advance received from controlling shareholder | 164 | 308 | 609 |
Wholesale distribution service payments to a related party | 1 | 3 | 11 |
Accounts payable to supplier related to shareholder | ' | 31 | 170 |
Accounts payable to related parties | 57 | 65 | 69 |
Interest payable on cash advance received from controlling shareholder | $13 | $14 | $47 |
Related_party_transactions_Add
Related party transactions - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||
Aug. 31, 2013 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Jun. 08, 2011 | Aug. 31, 2013 | Aug. 31, 2012 | Jun. 30, 2011 | 31-May-09 | Feb. 28, 2009 | Mar. 29, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Aug. 31, 2013 | Jun. 30, 2011 | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 29, 2014 | Apr. 30, 2011 | Mar. 29, 2014 | Mar. 30, 2013 | Apr. 30, 2014 | Mar. 29, 2014 | Mar. 30, 2013 | Jun. 30, 2009 | Jun. 30, 2009 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Class A Common Stock [Member] | Supplier Concentration Risk [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Montrovest BV [Member] | Prime Investments S.A. [Member] | Prime Investments S.A. [Member] | Prime Investments S.A. [Member] | Regaluxe [Member] | Regaluxe [Member] | Regaluxe [Member] | Regaluxe [Member] | Regaluxe [Member] | Regaluxe [Member] | Gestofi [Member] | Gestofi [Member] | Gestofi [Member] | Gestofi [Member] | |
USD ($) | Sales [Member] | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | Class A Common Stock [Member] | Minimum [Member] | USD ($) | USD ($) | Supplier Concentration Risk [Member] | USD ($) | USD ($) | Subsequent Event [Member] | Maximum [Member] | Maximum [Member] | USD ($) | CAD | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
USD ($) | Potential Transaction [Member] | USD ($) | USD ($) | USD ($) | CHF | |||||||||||||||||||||||||
USD ($) | ||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid to related party | ' | ' | ' | ' | ' | ' | € 140,000 | ' | ' | ' | ' | ' | $188,000 | € 140,000 | $180,000 | ' | ' | ' | ' | ' | ' | $1,000 | $3,000 | ' | ' | ' | ' | ' | ' | ' |
Notice days for non renewal | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement additional renewal term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year | '1 year | ' | ' |
Cash received from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | 16.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.20% | ' | ' | ' | ' | 17.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee as a percentage of outstanding principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash proceeds from an equity issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partial repayment of cash advance | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of purchase price on cost | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of diamonds | ' | ' | 262,000 | 1,803,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party expenses | ' | 237,000 | 241,000 | 238,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,000 | 241,000 | ' | 260,000 | 250,000 | 12,383 | 13,700 | 16,912 | 13,000 |
Agreement beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jun-11 | ' | ' | ' | ' | ' | 1-Aug-09 | 1-Aug-09 | ' | ' |
Related party agreement term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount factor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-May-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures converted to voting shares, value | $5,000,000 | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual interest rate of debentures | 6.00% | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debentures converted to voting shares | ' | ' | ' | ' | 2,941,085 | ' | ' | 2,828,634 | ' | ' | ' | ' | ' | ' | ' | 2,828,634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting shares conversion price | $1.30 | ' | ' | ' | $1.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 29, 2014 | Mar. 30, 2013 | Mar. 31, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Percentage of consolidated sale | 32.00% | 28.00% | 26.00% |
Bank indebtedness | $73.90 | ' | ' |
Long-term debt bearing interest at variable rates | 9.2 | ' | ' |
Fixed-rate long-term debt | 45.5 | ' | ' |
Fair value of fixed long-term debt and other long-term liabilities | $43.40 | ' | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||
Mar. 29, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Aug. 30, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Aug. 30, 2014 | Mar. 29, 2014 | Mar. 29, 2014 | Aug. 30, 2014 | Aug. 30, 2014 | Mar. 29, 2014 | Aug. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | Maximum [Member] | Revolving credit facility [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Recapitalization [Member] | Maximum [Member] | USD ($) | USD ($) | Recapitalization [Member] | Investissement Quebec [Member] | Investissement Quebec [Member] | Investissement Quebec [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | Revolving credit facility [Member] | USD ($) | CAD | Revolving credit facility [Member] | Revolving credit facility [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | ||
Recapitalization [Member] | CAD | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | Maximum [Member] | USD ($) | Maximum [Member] | Recapitalization [Member] | Maximum [Member] | ||||||||
USD ($) | Recapitalization [Member] | |||||||||||||||||||
USD ($) | ||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Irrevocable standby letter of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' |
Additional reserve established by lenders | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,000,000 | 2,500,000 | ' | ' | ' |
Senior secured revolving credit facility Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' |
Secured term loan rate of interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | 8.77% | 11.00% | 12.50% |
Percentage of changes in the cash flow | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Additional financial support agreed | ' | ' | ' | 5,000,000 | 5,000,000 | 3,000,000 | 2,500,000 | 2,500,000 | ' | ' | 3,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction of the availability of credit facility | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Moratorium period granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' |
Monthly repayment of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,298 | 208,333 | ' | ' | ' | ' | ' |
Capital repayment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | '12 months | ' | ' | ' | ' | ' |
Secured term loan | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of secured term loan interest | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity | ' | ' | ' | ' | ' | ' | ' | '48 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease agreement related to acquisitions | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |