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House of Taylor records low performance
The third quarter witnessed low sales and profits
By: Diamond World News Service
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Nov 13 2007 12:00AM
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Reference: 1863  

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The House of Taylor has announced results of its performance for the third quarter of 2007. Accordingly, it has witnessed a big fall in its net sales currently valued at $4.9 million, as compared to $12 million during the same period last year. The decrease was seemingly due to its focus on its branded jewelry rather than loose diamonds. According to House of Taylor, another reason was the delay in closing its $30 million credit facility until after the third quarter.

Similar to the decline in sales, its gross profit also slipped down to $395,000, as compared to $959,000 of the corresponding period last year. Net loss for the said period valued at $2.4 million.
Apparently, expenses also increased in the areas as selling, shipping and general and administrative expenses to total to $2.4 million, as compared to $1.9 million in the same time frame last year.

Being optimistic, President and CEO Jack Abramov mentioned that, "While our financial results are not currently in line with our long-term objectives, we are extremely pleased to have recently achieved a key objective for the third quarter in securing a new credit facility and completing our equity offering which closed on October 12, 2007."

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