Home / Knowledge / News / Fashion / Charles & Colvard's domestic sales slip in Q1

Charles & Colvard's domestic sales slip in Q1

30
Apr '08
Charles & Colvard Ltd, the global source of moissanite, a created jewel available for use in fine jewelry, reported first quarter 2008 operating results.

First Quarter Ended March 31, 2008 Results:
• Net sales decreased 41% to $3.4 million as compared to $5.8 million in the first quarter of 2007.

• Operating loss was $1.1 million compared to operating income of $587,000 for the same period in 2007.

• Net loss was $698,000, or $0.04 per diluted share, compared to net income of $339,000, or $0.02 per diluted share, in the comparable period of 2007.

Bob Thomas, Chairman and Chief Executive Officer commented, “While we were disappointed with our first quarter financial results as sales trends at retail continue to be soft, we remain intently focused on addressing short-term challenges our company is facing.

We are pleased to announce that Kanter International, a brand consulting firm we engaged to conduct a review of our Company, has completed its assessment of our business model and provided recommendations. We are in the process of evaluating the recommendations which focus on organizational structure, brand building and sales growth strategies as well as expense controls and inventory management.

As part of our cost cutting initiatives in April we reduced our U.S. workforce by 18% which we expect to result in annual savings in excess of $500,000. The next steps will address more encompassing issues and will be brought forth after our new board of directors is elected at our annual shareholders meeting on May 27, 2008.”


Interviews View All

Mukesh Agarwal & Rajesh Agarwal, Madhuram Fincap Pvt Ltd

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Arvind Saraf, Triveni Sarees

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Lukas Hartmann,

Lukas Hartmann

Intex Consulting GmbH is a completely integrated enterprise resource...

Ravindra Jain, Ashish Baid,

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Wolfgang Muller,

Wolfgang Muller

Mayer & Cie is a leading global manufacturer of circular knitting...

Kai Poehler, Voith Paper GmbH & Co. KG

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Robin Grankvist, OrganoClick AB

Robin Grankvist
OrganoClick AB

Robin Grankvist talks about PFCs, additives and various chemicals used in...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Follow us on instagram

Follow

Follow Fibre2Fashion On


Advanced Search