Charles & Colvard foresees significant growth in Q3 sales
16 Sep '05
2 min read
North Carolina based Charles & Colvard reported third quarter 2005 sales guidance and updated the status of expanded distribution.
Third Quarter 2005 Sales Guidance
Bob Thomas, President and Chief Executive Officer of Charles & Colvard said that the third quarter of the year is anticipated to show a significant improvement in sales over the same quarter in 2004.
Based upon customer orders and indications, they expect third quarter 2005 sales to be between $11.0 million and $11.8 million, or between 112 percent to 127 percent ahead of last year's third quarter sales of $5.2 million.
Business Expansion Update
He included that Trunk shows began this past weekend at Helzberg Jewelers, a 260+ store fine jewelry chain. They are pleased to have the opportunity to offer moissanite jewelry on a test basis at Helzberg, through our manufacturing customer, Reeves Park. Trunk show events will commence in early October at the previously discussed second national chain.
These two test distribution efforts are scheduled to continue for the remainder of the year. Additionally, they recently executed successful test events at Von Maur, an upscale department store chain with 23 locations in the upper Midwestern states. Based on those results, Von Maur has made a commitment to add the moissanite category in certain locations, on a permanent basis, beginning in the fourth quarter.
Mr. Thomas concluded that they have begun a chainwide in-case and trunk show test at Harry Ritchie's Jewelers, a 30 store jewelry chain based in the upper mid-west, through their manufacturing customer K&G Creations. K&G will also expand their programs at Daniel Jewelers to all 44 locations and Alvin's Jewelers to all 13 locations beginning this fall to coincide with each retailers' holiday-catalog promotional campaigns."