News

Advanced Search

Retail Sales Slide at Berkshire Hathaway

Aug 9, 2020 8:49 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Revenue from the retail division of Warren Buffett’s Berkshire Hathaway fell 16% to $3.37 billion in the second quarter, the company reported Saturday.

The division, which includes jewelry chains Borsheims, Helzberg Diamonds and Ben Bridge Jeweler, was hit by shutdowns affecting many of the company’s retail outlets. Pretax earnings for the entire retail unit dropped 39% to $148 million.

“As efforts to contain the spread of the Covid-19 pandemic accelerated in the second half of March and continued through the second quarter, most of our businesses were negatively affected, with the effects to date ranging from relatively minor to severe,” the company noted.

Revenues from manufacturing of consumer products, which includes jewelry maker Richline Group, slid 23% to $2.28 billion.

Image: A Helzberg Diamonds store in Kansas. (Shutterstock)
Tags: Ben Bridge Jeweler, Berkshire Hathaway, borsheims, COVID-19, Helzberg Diamonds, Rapaport News, richline group, warren buffett
Similar Articles
Swiss Watches 150Swiss Watch Exports Still Slow to Recover
Oct 20, 2020
Swiss watch exports continued to decline in September, with China the only country to see an improvement.Total shipments
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.