|
RAPAPORT... Charles & Colvard Ltd. reported that sales jumped 38.1 percent year on year to $8.4 million in the first quarter that ended on March 31. Total costs surged 38.9 percent to $10.1 million and the company widened its quarterly loss 57.9 percent to $1.7 million, or 8 cents per share. The company ended the quarter with no outstanding debt. Marvin Beasley, the president of Charles & Colvard, said, “Today we report our strongest first quarter revenue in 10 years. Improvements were shown in all three of our business segments, with particularly strong growth in our direct-to-consumer businesses, Lulu Avenue® and Moissanite.com. We believe the growth in the direct-to-consumer businesses reflects the execution and implementation of strategies that are specifically designed to increase awareness and grow our business.” Wholesale revenue in the first quarter jumped 15 percent to $5.9 million, while the direct-to-consumer home party business, Lulu Avenue®, increased 562 percent to $1.4 million. Direct-to-consumer ecommerce sales at Moissanite.com increased 56 percent to $1.1 million. Finished jewelry sales nearly doubled to $4.6 million, while loose jewel sales, including Forever Brilliant® moissanite, rose 2.7 percent to $3.8 million. Inventory on March 31 was valued at $37.5 million compared with $38.9 million on December 31, 2014.
|