This has created a decline in the net profits for the respective quarter by 52%, valued at $529,000, which was $1.1 million in the same quarter of 2006. The half yearly net profits for 2007 fell by 67% to $868,262.
The company’s president and chief executive officer, Bob Thomas attributed the low sales to high inventory levels of retail and delay in Sears’ awaited chain-wide rollout, which has forced the company to adjust its annual revenue estimates to between $35 million and $38 million for fiscal 2007.
He pointed out that the market observed an overall weakness in the jewellery retail environment. Sales of moissanite jewels representing 71% of total sales were down 18% in the said period compared to last year. Also, sales to the remaining direct customers were up 14% over the same quarter last year.
Charles & Colvard Ltd., has recorded a reduced net sales for its second quarter of 2007, ending June 30. The sales figures have fallen by 11% to $7.6 million during the three months, but have reduced by 19% to $13.36 million, during the first six months of 2007.
Be the first to comment