Description of Birks Group Inc's Business Segments
CLOSEOUT RETAILING
Closeout retailers provide a service to manufacturers by purchasing excess
product that generally results from production overruns, package changes, discontinued
products, or returns. Closeout retailers also take advantage of generally low
prices in the off-season by buying and warehousing seasonal and general merchandise
for future sales. As a result of these lower costs of goods, closeout retailers
can offer merchandise at prices lower to significantly lower than those offered
by traditional retailers.
RETAIL OPERATIONS
The Company's stores are known for their wide assortment of closeout merchandise.
Certain core categories of merchandise are carried on a continual basis, although
the specific brand-names offered may change frequently. The Company's stores
also offer a small but consistent line of basic items, strengthening their role
as dependable, one-stop shops for everyday needs. In addition, the stores feature
seasonal items for every major holiday, as well as a wide assortment of merchandise
for the home, including furniture, home d'cor, and domestics.
WHOLESALE OPERATIONS
The Company also sells wholesale merchandise which is generally obtained through
the same or shared opportunistic purchases of the retail operations. Advertising
of wholesale merchandise is conducted primarily at trade shows and by mailings
to past and potential customers. Wholesale customers include a wide and varied
range of major national and regional retailers, as well as smaller retailers,
manufacturers, distributors, and wholesalers.
Wholesale sales are recognized in accordance with the shipping terms agreed
upon on the purchase order. Wholesale sales are predominantly recognized under
FOB origin where title and risk of loss pass to the buyer when the merchandise
leaves the Company's distribution facility. However, when the shipping terms
are FOB destination, recognition of sales revenue is delayed until completion
of delivery to the designated location.
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