Buoyed by strong international sales, Harry Winston Diamond Corp. more than doubled its second-quarter profits Tuesday and solidly beat analysts’ estimates.
The Toronto-based retailer and supplier of diamonds reported a 149 percent leap in profits, posting net earnings of $49.9 million, or 81 cents a diluted share, for the quarter ended July 31, versus net income of $20.1 million, or 33 cents a diluted share, for the year-ago period. Analysts anticipated 43 cents a share.
Sales grew 7.4 percent to $186.1 million from $173.3 million last year with retail sales up 18.9 percent to $81.1 million. The company’s cost of sales was $73.5 million for a gross margin of 60.5 percent, compared with $81.8 million, and a gross margin of 52.8 percent, for the comparable quarter in 2007.
The firm said retail sales in luxury jewelry were “robust,” and, with a global footprint, are “well positioned to withstand regional economic disruptions” in the U.S. and Japan. Harry Winston said the sales performance in the first half has left it positioned to achieve its annual sales growth objective in excess of 15 percent.
“Our businesses in Asia, Europe and the Middle East have been sufficient to offset the general market softness in the U.S. and Japan,” said president Thomas O’Neill. “This contributed to our strong retail finish for the second quarter. Together with solid results from the first quarter, the first half of the year has put us on firm footing into the second half of the year.”
For the first half, profit ballooned 205.4 percent to $71.2 million, or $1.17 per share, compared with $23.3 million, or 39 cents a diluted share. Revenue was up 8.8 percent to $342.2 million, from $314.6 million.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)