Harry Winston Returns to Profit, 2010 Sales Up 51%
March 23, 11
(IDEX Online News) - Harry Winston Diamonds Corporation consolidated sales of $215.4 million in the fourth quarter, a 61 percent increase. Annual consolidated sales were $624.0 million, up 51.1 percent.
In the fourth quarter ending January 31, 2011, rough diamond sales increased 30 percent to $82.7 million, primarily due to a 23 percent increase in prices. Retail sales increased 89 percent to $132.7 million.
The double digit increase in revenues brought the quarter's bottom line back to black with earnings of $9.9 million compared to a net loss of $3.4 million.
Rough diamond sales increased 49 percent in the fiscal year to $279.2 million. The increase in sales resulted from a 62 percent increase in achieved rough diamond prices while the volume decreased 8 percent.
Annual retail sales increased 53 percent to $344.8 million.
Consolidated net earnings of $21.7 million for the fiscal year compared to consolidated net loss of $73.2 million in the prior year.