Jeweller Harry Winston booked a net profit of US$3.4 million in the third quarter from a net loss of US$4.7 million last year.
Consolidated sales increased 51 per cent to US$180.4 million compared to US$119.7 million in the prior year. Operating profit grew US$10.3 million from an operating loss of US$2 million last year.
“This has been a quarter of solid progress on many fronts for us. Our luxury brand business has demonstrated strong growth in its bridal jewellery sales, with the higher margins and broader base that this implies,” said chairman and CEO Robert Gannicott.
The luxury brand segment sales increased 14 per cent to US$95.6 million compared to US$83.5 million the year earlier.
The jeweller, with salons in Shanghai, Beijing, Hong Kong, Tokyo, Paris, New York, Beverly Hills and London, said improved retail sales, especially in India and its home market, boosted the diamond market, resulting in stabilisation of both rough and polished diamond prices, despite continued economic uncertainty.
The Japanese market continued to rebound strongly from the impact of the earthquake and tsunami that occurred in early 2011. New salons in China have significantly improved the distribution network in the fastest growing luxury market in the world.
Renewed activity in the retail market together with changes in the political landscape in China are expected to have a positive impact on demand from that region.
Harry Winston says it will continue to focus on executing its long-term plan of growing sales and profitability by expanding its distribution network in prime locations around the world, introducing new jewellery and timepiece collections supported by a strong advertising program, and leveraging the heritage of the brand.