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Charles & Colvard's 1Q Sales +38%, Loss Widens to $2M

May 1, 2015 8:03 AM   By Jeff Miller
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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 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 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.

Tags: Charles & Colvard, ecommerce, Jeff Miller, Jewelry, jewels, lulu, mossanite
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