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HOTJ posts higher Q1 2007 financial results

29
May '07
House of Taylor Jewelry Inc announced financial results for the quarter ended March 31, 2007, including sharply higher sales, as the company continues to roll out its branded products to increasing numbers of independent jewelry retailers throughout the United States.

Net sales for the first quarter of 2007 rose more than threefold to $4.5 million from $1.4 million for the comparable period last year.

Jack Abramov, president and chief executive officer, attributed the significant sales increase to continued expansion of the company's outreach to independent jewelry retailers with its Elizabeth Couture, House of Taylor Jewelry and Kathy Ireland Jewelry Exclusively for House of Taylor Jewelry branded products as sales of branded jewelry increased by approximately $1.4 million.

Abramov also noted the continued success of an initiative launched late last year to enhance market penetration and brand awareness through the sale of branded loose diamonds, which accounted for approximately $2.7 million of the sales increase in the current quarter.

Partially offsetting the increase was a decrease in 2007 sales from the discontinued Mirabelle line, as compared with the prior-year period.

House of Taylor Jewelry also announced that its products were sold in more than 420 doors as of May 2007, almost double the number at the same time last year.

"A majority of the newly opened doors were accomplished with our Kathy Ireland Jewelry designs," Abramov said. "We believe this underscores the impressive growth potential for this product line, with price points from $200 to $3,500 and targeted for the broader spectrum of consumers."

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House of Taylor Jewelry Inc


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