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Harry Winston announces Q4 and fiscal 2008 results
08 Apr '08
4 min read
We are pleased with our progress this past year in building an increasingly profitable business. Our two premium assets, at the most profitable poles of the diamond business, inform each other with respect to pricing and polished diamond supply.
This enables rough diamond sales from the mine to be priced quickly and accurately against market changes. It also connects the jewelry and watch business directly to the diamond polishers that are the mine's customers making a more efficient supply chain," said Robert Gannicott, Chairman and Chief Executive Officer.
"In addition to building on this shared strength, we have growth opportunities specific to each of our businesses. On the mining side, we now have a mine plan in place that confirms the mine life beyond 2020. After processing more than 41 million carats of diamonds since production began five years ago, there are still more than 77 million carats in proven and probable reserves with an additional 11 million in inferred resources. In our growing retail business, we posted record global sales for the fiscal year and we opened our 18th retail salon, tripling our retail portfolio since we acquired Harry Winston Inc."
Mr. Gannicott added, "We look forward to a year of growth in global diamond demand generally and especially for the high quality diamond jewelry that is the trademark of Harry Winston and its worldwide retail network."
Thomas J. O'Neill, President of Harry Winston Diamond Corporation added, "Our retail business continued to grow substantially last year as we achieved record sales. Demand for our highly-designed jewelry continues to be very strong despite uncertain domestic economic conditions. Our customers are truly international clients.
We have experienced a noticeable shift in our customer base from what had been a U.S. dominated market to one where the U.S. customer accounts for one third of our global sales. Our new fiscal year is off to a good start in retail sales and we will continue to focus on the high-net worth individuals in markets such as Russia, China, the Middle East and India to drive our luxury diamond jewelry and timepiece business."
Dividend Announcement:
Harry Winston Diamond Corporation is pleased to declare an eligible quarterly dividend payment of US$0.05 per share. Shareholders of record at the close of business on April 17, 2008, will be entitled to receive payment of this dividend on April 30, 2008.
Conference Call and Webcast:
Beginning at 11:00AM (EST), on Tuesday, April 8, the company will host a conference call for analysts, investors and other interested parties. Listeners may access a live broadcast of the conference call on the company's investor relations website.
This enables rough diamond sales from the mine to be priced quickly and accurately against market changes. It also connects the jewelry and watch business directly to the diamond polishers that are the mine's customers making a more efficient supply chain," said Robert Gannicott, Chairman and Chief Executive Officer.
"In addition to building on this shared strength, we have growth opportunities specific to each of our businesses. On the mining side, we now have a mine plan in place that confirms the mine life beyond 2020. After processing more than 41 million carats of diamonds since production began five years ago, there are still more than 77 million carats in proven and probable reserves with an additional 11 million in inferred resources. In our growing retail business, we posted record global sales for the fiscal year and we opened our 18th retail salon, tripling our retail portfolio since we acquired Harry Winston Inc."
Mr. Gannicott added, "We look forward to a year of growth in global diamond demand generally and especially for the high quality diamond jewelry that is the trademark of Harry Winston and its worldwide retail network."
Thomas J. O'Neill, President of Harry Winston Diamond Corporation added, "Our retail business continued to grow substantially last year as we achieved record sales. Demand for our highly-designed jewelry continues to be very strong despite uncertain domestic economic conditions. Our customers are truly international clients.
We have experienced a noticeable shift in our customer base from what had been a U.S. dominated market to one where the U.S. customer accounts for one third of our global sales. Our new fiscal year is off to a good start in retail sales and we will continue to focus on the high-net worth individuals in markets such as Russia, China, the Middle East and India to drive our luxury diamond jewelry and timepiece business."
Dividend Announcement:
Harry Winston Diamond Corporation is pleased to declare an eligible quarterly dividend payment of US$0.05 per share. Shareholders of record at the close of business on April 17, 2008, will be entitled to receive payment of this dividend on April 30, 2008.
Conference Call and Webcast:
Beginning at 11:00AM (EST), on Tuesday, April 8, the company will host a conference call for analysts, investors and other interested parties. Listeners may access a live broadcast of the conference call on the company's investor relations website.
Harry Winston Diamond Corporation
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