Harry Winston sales up by 22%

For Harry Winston Diamond Corp., the third quarter ending September 30, 2007 proved favourable for its sales. The company noted an increase of 22% in sales which valued at $176.5 million. Also it generated consolidated earnings from operations worth $66.3 million, which rose by 79% over last year’s corresponding quarter. The operating earnings also increased to $176.5 million and gross margin to $101.9 million.

Harry Winston however, incurred a net loss of $7.4 million during the said period as compared to last year’s profit of $18.8 million. The reason was attributed to a $40.6 million foreign exchange related loss and the strengthening of the Canadian dollar by 13% relative to the U.S. dollar, over the second quarter. The company stated that ignoring the foreign exchange loss, net earnings would have stood at $33.2 million.