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hollister Harry Winston Q1 profit soars to $11.6m

 
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Luxury goods sales increased by 26% to $103.5-million compared with [url=http://www.achbanker.com/home.php]hollister[/url] $81.9-million in the comparable quarter of the prior year.
Revenue increased by 34% to $192.5-million.
Continued expansion of the distribution network in prime locations around the world should allow the company to benefit from the increasing mobility of high-end luxury consumers. The company planned to expand by 30 wholesale-watch doors [url=http://www.vivid-host.com/barbour.htm]www.vivid-host.com/barbour.htm[/url] to more than 220 doors by the end of the 2013 financial year.
Meanwhile, Harry Winston said that a mine plan and budget for the 40%-owned Diavik diamond mine had been approved. Rio Tinto is the 60% owner and the operator of the mine, located in the country's North Slave region, a few hundred kilometres south of the Arctic Circle.
The Toronto-listed company said rough diamond sales increased by 43% to $89-million for the quarter ended April 30, as it more than doubled the quantity of [url=http://www.1855sacramento.com/peuterey.php]peuterey[/url] carats sold, offsetting a 34% average price decrease.
The 116% increase in the quantity of carats sold was mainly the result of the sale of almost all the remaining lower-priced goods held back during October, as well as higher production in the first calendar [url=http://www.1855sacramento.com/moncler.php]moncler sito ufficiale[/url] quarter compared to the comparable period last year.
The company remained confident that the introduction of its new watch and jewellery products, supported by a strong advertising campaign, would contribute to sales growth.
JOHANNESBURG ( – Diamond miner and luxury goods producer Harry Winston on Wednesday reported a 200% increase in first-quarter profit to $11.6-million on the back of increased rough sales and renewed interest in luxury goods.
The planned production for Diavik remains at about 8.3-million carats for the year, while the objective is to fully use the available processing capacity at the plant with a combination of production from the underground portions of the mine and the openpit.
Harry Winston expected that global demand for luxury jewellery and watch products would continue to grow. However, it flagged the sovereign debt crisis in Europe and the slowdown in the growth of China's economy as challenges that might impact the demand for luxury jewellery and watch products in the near term.
The miner added that the decrease in the achieved average rough diamond [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] price resulted from selling the held-back lower-priced stock and a decision to hold [url=http://www.mxitcms.com/tiffany/]tiffany[/url] back some higher-priced goods, as a result of an observed imbalance in the rough and polished diamond prices. The January sale also straddled the 2012 financial year-end, with the lower-priced portion of the sale, which took place in India, pressed into the first quarter.
“We have improved sales, operating margins and profitability in all sectors of our business compared to the equivalent quarter of the prior year. The Diavik mine continues its [url=http://www.vivid-host.com/barbour.htm]barbour uk[/url] transition to underground mining, while jewellery and timepiece sales demonstrate our [url=http://www.ilyav.com/uggpascher.php]boots ugg pas cher[/url] success in broadening the reach of the brand beyond reliance on a [url=http://www.achbanker.com/home.php]hollister france[/url] small, ultra high-end market,” CEO Robert Gannicott said in a [url=http://www.1855sacramento.com/moncler.php]moncler outlet[/url] statement.
Rough diamond production on a 100% basis for the March quarter was 1.6-million carats, compared with 1.4-million carats a year earlier.
“Detailed plans are still being refined and [url=http://www.1855sacramento.com/woolrich.php]woolrich outlet[/url] optimised, although no underground [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] mining is being planned. The capital expenditures are estimated to be in the region of $500-million, at an assumed average Canadian/US dollar exchange rate of $1,” the miner said.
Harry Winston said it sold about one-million carats at an average price of $88/ct, compared with about 500 000 ct at an average price of $132/ct in the comparable quarter of last year.
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