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Retail Sales Slip at Berkshire Hathaway
Aug 7, 2022 6:43 AM
By Leah Meirovich
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RAPAPORT... Revenue from the retail division of Warren Buffett’s Berkshire Hathaway fell 2.3% year on year in the second quarter amid supply-chain disruptions.
The segment — which includes jewelry chains Borsheims, Helzberg Diamonds and Ben Bridge Jeweler — saw sales decrease to $4.88 billion, the company reported Saturday. The drop was caused primarily by the segment’s automobile category, which represents 65% of total revenue for the division. Car sales declined because of a global chip shortage and supply challenges.
Pretax earnings for the entire retail unit slipped 3.5% to $443 million in the three months ending June 30.
Revenues from manufacturing of consumer products, which includes jewelry maker Richline Group, climbed 14% to $4.35 billion, while pretax earnings fell 10% to $451 million.
Image: A Borsheims store in Nebraska. (Borsheims)
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Tags:
Ben Bridge Jeweler, Berkshire Hathaway, borsheims, Helzberg Diamonds, Jewelry, Leah Meirovich, richline group, warren buffett
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