The writing on Harry Winstons wall
Written by Chuck Peterson
When we went to visit Harry Winstons booth at BaselWorld 2009, we found it empty with no one to talk too. I knew that this wasn’t a good sign and waited to see there Q4 results. Yesterday they came out… Luxury jewelry retailer and diamond miner Harry Winston Diamond Corp. reported that fourth quarter consolidated sales declined by 37 percent, year-over-year, to $118.4 million.
The company recorded a fourth quarter loss of $73 million, compared to net earnings of $90.4 million in the fourth quarter of the prior year. The net loss resulted from a non-cash write-down of the goodwill relating to the retail operations of $93.8 million. The company recognized a net $4.6 million foreign exchange gain. Also impacting results was an after-tax gain on insurance settlement of $9.9 million that resulted from the December 2008 robbery at the Harry Winston Paris salon.
But diamond watches are still in style, however it seems that Harry Winston has set goals they cannot ascertain.
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This post was written by Chuck Peterson. If you have any questions or comments you may contact him at chuck@jewelerslounge.com
