Charles & Colvard’s net sales for the third quarter decreased 4 percent to approximately $2.9 million, while its net income shrunk to $110,000 compared to $512,000 in 2010, the company announced.
The company’s financial statement touted the launch of its direct-to-consumer e-commerce website Moissanite.com, as well as its new jewelry home party and direct sales business.
“We remain confident that our multi-channel sales and marketing strategies will play a key role in the accomplishment of our growth objectives,” said Randy N. McCullough, CEO of Charles & Colvard, in a statement. “Our sales team has also made inroads into several international markets that represent new opportunities for moissanite jewelry and have the potential to provide incremental revenue for our company.”
He also stated that the company’s October net sales through Oct. 26 are up approximately 290 percent over October of last year.
“We expect total fourth quarter revenues to further benefit from our investments in new sales and marketing initiatives,” McCullough said. “Our televised home shopping network customers’ sales have remained strong, and two of the largest such networks that focus on jewelry products have significantly increased the number of moissanite shows scheduled for the fourth quarter.”
Other highlights from Charles & Colvard’s third quarter financial statement (ended Sept. 30):
- Loose moissanite gemstone sales: $2.2 million, down 22 percent
- Finished jewelry sales: $682,000, up 303 percent
- $9.4 million cash and investments and no long-term debt as of Sept. 30