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Gitanjali Slides on Weak Diamond Sales
Feb 20, 2017 3:00 AM
By Rapaport News
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RAPAPORT... Gitanjali Gems’ share price slumped last week after the
Indian jeweler reported a drop in sales and profit for its fiscal third quarter,
which ended December 31, 2016.
The company, one of India’s largest jewelry retailers,
said revenue fell 1.4 percent year on year to $499.9 million (INR 33.53
billion) during the period. Net profit slid 17 percent to $8.7 million (INR
586.8 million).
Jewelry sales rose 8 percent to $436 million (INR 29.24
billion), while revenue from the retailer’s loose diamond division dropped 35
percent to $79.2 million (INR 5.31 billion).
Shares in the company fell 9 percent on the National
Stock Exchange of India on the day following the announcement.
Gitanjali’s core business is its retail stores
in India, but it also owns Samuels Jewelers in the U.S. and operations
in the U.K., Belgium, Italy, the Middle East, China, Singapore and Japan. |
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Tags:
Gitanjali Gems, India, Jewelry, mumbai, Rapaport News, retail
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