Harry Winston Second Quarter Sales Fall 20 Percent

Harry Winston Diamond Corporation announced its second quarter sales for fiscal year 2013 fell 20 percent—which it blamed on a soft diamond market.

But the company said it was “well-positioned” for the rest of the year, noting it was increasing its focus on the luxury segment. A new Harry Winston salon opened in the Harrods department store in London in August, and new salons are scheduled to open in Geneva and Kuwait City:

Highlights of Harry Winston’s financial report for the second quarter of fiscal 2013:

  • Consolidated sales: Down 20 percent, to $176.9 million
  • Operating profit: Down 20 percent, to $16.4 million  
  • EBITDA: Down 24 percent, to $33.4 million 
  • Rough diamond sales: Down 31 percent to $61.5 million
  • Average rough diamond price: Down 10 percent
  • Rough diamond production: 0.72 million carats, consistent with last year
  • Luxury brand segment sales: Down 13 percent (11 percent at constant exchange rates) to $115.4 million
  • Operating profit for the luxury brand segment: Up 16 percent to $8 million  
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