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Retail Sales Slide at Berkshire Hathaway
Aug 9, 2020 8:49 AM
By Rapaport News
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RAPAPORT... Revenue from the retail division of Warren Buffett’s Berkshire Hathaway fell 16% to $3.37 billion in the second quarter, the company reported Saturday.
The division, which includes jewelry chains Borsheims, Helzberg Diamonds and Ben Bridge Jeweler, was hit by shutdowns affecting many of the company’s retail outlets. Pretax earnings for the entire retail unit dropped 39% to $148 million.
“As efforts to contain the spread of the Covid-19 pandemic accelerated in the second half of March and continued through the second quarter, most of our businesses were negatively affected, with the effects to date ranging from relatively minor to severe,” the company noted.
Revenues from manufacturing of consumer products, which includes jewelry maker Richline Group, slid 23% to $2.28 billion.
Image: A Helzberg Diamonds store in Kansas. (Shutterstock)
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Tags:
Ben Bridge Jeweler, Berkshire Hathaway, borsheims, COVID-19, Helzberg Diamonds, Rapaport News, richline group, warren buffett
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