Harry Winston Q2 retail sales rise 37 percent-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Harry Winston Q2 retail sales rise 37 percent

9/2/2010 11:34:51 PM

Toronto—Retail sales were up 37 percent in the second quarter for Harry Winston Diamond Corp., though the company notes that demand for luxury remains weak in the U.S. and European markets.

According to results reported Thursday for the period ended July 31, 2010, the company's retail sales totaled $66.9 million in the second quarter, up from $48.8 million in the second quarter of last year. In a news release, the company noted that consumer demand for luxury brands continues to gain strength globally, especially in the emerging market of China, with its rapidly expanding middle class, and in the Middle East.

"The U.S. and European luxury markets, while showing some improvement, continue to be impacted by weak domestic economies," the release states.

Rough diamond sales for Harry Winston, which owns a 40 percent interest in the Diavik Diamond Mine in Canada, rose 89 percent in the quarter, to $86.8 million as compared to $46 million in the second quarter of last year. The increase in sales was due to a 62 percent spike in rough diamond prices and a 17 percent increase in volume of carats during the quarter.

Second-quarter rough diamond production totaled 650,000 carats, compared to 570,000 carats in the second quarter of last year, though the company does note that volume was "unusually low" last year due to a planned drop-off in production reflecting the slowdown in the international diamond market.

Overall, consolidated sales for the company, including both its retail and mining operations, totaled $153.7 million, up 62 percent from $94.8 million in the comparable quarter last year.

"This quarter has demonstrated the continued recovery in the international diamond business and it has also shown additional improvement from our own business segments," Harry Winston Chairman and Chief Executive Officer Robert Gannicott said in the release. "Both mine production and rough diamonds sales increased in parallel with the growth in retail sales from our network of international stores particularly at the high end. We expect further growth in retail sales supported by renewed marketing efforts as customers seek out true craftsmanship."

According to the release, the company has appointed Hearst Magazines President David Carey to its board of directors. Prior to joining Hearst, Carey was group president at Condé Nast, where he was a member of the company's executive committee and co-lead on all business development efforts.

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