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Acquisitions Spur Buffett’s Retail Growth
Aug 11, 2016 7:55 AM
By Rapaport News
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RAPAPORT... Berkshire Hathaway, the conglomerate chaired by Warren
Buffett, reported retail revenue increased 6 percent to $3.81 billion in the
second quarter of 2016. Growth was driven by acquisitions of an automotive
dealer and a motorcycle gear retailer, while the business unit also includes jewelry stores Borsheims,
Helzberg and Ben Bridge.
Sales from Berkshire Hathaway’s consumer-product
manufacturing businesses, including jewelry unit Richline Group, surged 19
percent to $2.85 billion. The increase was also attributed to growth at
businesses other than jewelry. Berkshire Hathaway’s group revenue increased 6
percent to $54.46 billion and profit jumped 25 percent to $5 billion during the
quarter.
During the first six months of the year, retail revenue
surged 29 percent to $7.34 million and sales at the consumer-product
manufacturing units increased 13 percent to $5.25 billion. |
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Tags:
ben bridge, Berkshire Hathaway, borsheims, Helzberg, Rapaport News, retail, richline, richline group, warren buffet
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