Berkshire Hathaway’s jewellery segment spurs its retail revenues

Revenues were up by 3 percent to $675 million for the retail segment of Warren Buffet’s enterprise - Berkshire Hathaway, during the first quarter of 2010. The increase has been primarily attributed to the jewellery business.

Three jewellery firms including Borsheim’s Jewelry, Helzberg Diamonds and Ben Bridge Jeweler, fall under the umbrella of the company’s retail unit, apart from four home furnishing businesses, See’s Candies. In the said quarter, the combined pre-tax retail earnings multiplied twice to $32 million, as compared to the same period last year.

Group revenues in the first quarter of 2010, rose 41 percent to $32 billion, and net earnings increased to $3.8 billion, from a loss of $1.5 billion in the previous year.

The rise in the jewellery business for the company, signals an improvement from the 12 percent fall in jewellery revenues during the entire fiscal 2009.