Harry Winston Posts Loss

Harry Winston posted a loss in the second quarter due to reduction in demand for diamonds and a drop in diamond prices. However the prices of diamonds have rebounded from the first quarter.

The Q2 loss was $0.32 per share (One year before they had a profit of $0.81 per share.

Harry Winston has a small stake in the Diavik Diamond Mine in Canada and one of the world’s most renowned high end jewellery  stores. Q2 sales fell to $94.8 million (from $ 186.1 million).

According to Reuters, the mining revenue was down by 56% while the retail revenue of Harry Winston fell by 40%.

Overall the shares were down 32 cents per share (or a loss of $24.5 million) during the three months which ended on July 31st. Last year during the same period they had a profit of $49.9 million or a profit of 81 cents per share.

The company noted that the prices of rough diamonds rose from the first quarter. There was also an increase in sales during the last part of the second quarter.

The shares of Harry Winston jumped 9.7% to C%8.27 during on Thursday.

External Link: Reuters

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