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Damas Exec Wins Turnaround of the Year Award

Aug 17, 2011 7:00 PM  
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ShopNBC sales rose 5% to $132 million in second quarter, still the group reported a loss of $4.5 million, but this was a 42 percent improvement. The network observed a shift in consumer demand away from high-ticket, low-margin electronics to  higher margin categories of jewelry. With more jewelry sales though, ShopNBC had an increase in returns. The watch category benefitted from a wider range of brands and slightly better margins.  Bidz.com reported a 22% drop in second quarter sales to $20 million and it loss jumped 712% to $5.3 million.

Damas' chief executive, Anan Fakhreddin, was awarded  the ''Turnaround Executive of the Year'' for the eighth annual International Business Awards (IBA) 2011.  Damas also earned a ''Distinguished Honoree'' medal for the company of the year category in retail.

''It’s a great honor for Damas to win these two awards and be among the selected winners from the host nation of the IBAs this year,'' said Ibrahim Belselah, the chairman of Damas International Limited.  ''The fact that we were honored in two categories ahead of renowned multi-national companies shows the strength of Damas and its outstanding performance as the regional jewelry trendsetter and market leader.''

Read more about these awards: www.stevieawards.com/iba

Deloitte's latest consumer survey for July found that the majority of shoppers are hunting price before making a purchase, and consumers are using their smart phones to search prices, store locations, and discounts ahead of time.  Deloitte's July indexes for the consumer environment offered a mixed picture, with the tax burden rising 11 basis points to 10.7%, which Deloitte said is a sign of an improving economy. But unemployment claims rose, which threatens the recovery,  real wages fell, and real home prices improved.

Tags: , Bidz.com, Damas, retail, sales, ShopNBC
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