Revenues fell due to lower scrap sales and four store closings
DGSE Companies posted a $2.3 million loss for fiscal 2015, as revenues fell due to lower scrap sales and four store closings.
That number is an improvement over the prior year, when the company posted a $4.5 million net loss. Full-year revenue from continuing operations totaled $60.9 million, down 13.9 percent from 2015. Gross profit was $9.7 million.
“As seen the previous year, the precious metals markets continue to be challenging and have had significant negative impact on our scrap revenue,” Matthew Peakes, CEO and chairman of the board, said in a statement. “However, we continue to adapt our business model to the challenging environment and focus on growing our jewelry, diamond, and fine watch businesses…. In January 2016, we opened our newest, larger store in the Dallas-Fort Worth market, which offers a larger selection of merchandise as well as onsite jewelry repair.”