Harry Winston noted $45.1 million net loss in Q1

In the first quarter that ended April 30, 2009, Harry Winston Diamond Corporation accounted a net loss worth $45.1 million net loss. During the same three months last year, the company had earned a net profit of $21.3 million. Also, there was a fall of 30 percent in the consolidated sales, which amounted to $109.6 million. Despite the snail paced growth in the economy being currently witnessed, the company believed that it has not helped uplift the slow retail and mining sales. As a result, the first quarter generated a net loss.

According to the company reports, sales in the retail segment fell by 30 percent to $51.9 million, while the sales in mining dropped by 29 percent to $57.7 million.