Harry Winston (NYSE:HWD): Diamonds In Asia Ruff +17%
In their report via "the Harry Winston conference call", they announced sales of $67 million during that quarter, an increase of 37% over last years 2nd quarter. Even the U.S., fighting an economic slow down recorded sales of $20 million over the comparable quarter last year which is an increase of 31%. Asian sales were $22.5 million, a 40% increase above the prior year. Consolidated sales increased over 60% resulting in a $28.9 in earnings compared to a loss from operations of $3.9 million over the comparable quarter. The Harry Winston brand increased to $66.9 from $48.8 million comparably.
What all this means is there are a lot of very happy ladies out their wearing diamonds, including men who are not shy about glitter. The Far East, Japan and China are the big recipients of these baubles due to their expanding wealth, while the U.S. and Europe struggle to keep up.
Another interesting note was the increase in specialty pieces, not to rival the Hope Diamond of course, but definitely in the million plus category. This phenomena was attributed to an increase in wealth throughout the world. Going on statistics from 2009, the net worth in the world grew by 19.6%, and the high net worth has grown by more that 17%. Another factor seems to be that diamonds as an investment, are much more attractive than your more normal forms of investment. This holds true as more significant pieces are being created for Asia and Middle East customers. They are eager to wear them out and about for their pleasure.
This is not to say that the U.S. doesn't fall into that catagory as noted by the increase in sales, apparantly by the richest, considering the plight of the middle class in America today.
So Viva, Harry Winston, the whole world is in love with your product, the diamond that is everlasting.
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