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RAPAPORT... Berkshire Hathaway, which owns Ben Bridge Jeweler, Borsheims Fine Jewelry, Helzberg Diamonds and the Richline Group, among many other diverse product and services brands, reported that its net earnings jumped 42 percent to $15.3 billion in 2012 in large part due to bets placed on derivatives, rather than strong retail sales. Net earnings attributable to shareholders rose 45 percent to $14.8 billion. Revenue rose 13 percent to $162.5 billion. Nonetheless, Berkshire's chairman, Warren Buffett, called the company's performance subpar in his annual letter to shareholders because per-share book value rose only 14 percent, underperforming the S&P 500.  The group's retail division, which includes jewelers, furnishing companies, See’s Candies, Pampered Chef and Oriental Trading Company, recorded a revenue increase of 4 percent year on year to $3.7 billion. Pre-tax earnings from this division rose just 2 percent to $306 million. Increased revenue from the home furnishings and jewelry businesses, as well as the inclusion of Oriental Trading since its acquisition on November 27, were partially offset by lower revenue from Pampered Chef. However, home furnishings retailers were substantially offset by lower earnings from jewelry businesses and Pampered Chef, according to Berkshire. Nonetheless, Buffett's letter indicated that the U.S. retail economy was stable and that the company did not anticipate retail to ''tank'' in 2013. Berkshire will hold its annual shareholder event on the weekend of May 4, at which time Borsheims in Omaha, Nebraska, will host a cocktail reception from 6 p.m. to 9 p.m. on May 3. The second event will be held on May 5, from 9 a.m. to 4 p.m. Buffett said, ''Around 1 p.m. on Sunday, May 5, I will begin clerking at Borsheims. Last year my sales totaled $1.5 million. This year, I won’t quit until I hit $2 million. Because I need to leave well before sundown, I will be desperate to do business. Come take advantage of me. Ask for my 'Crazy Warren' price,'' he said.
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