MORRISVILLE — Charles & Colvard, the Morrisville-based imitation diamond distributor, reported higher earnings and net sales compared to the same quarter a year ago and attributes growth to online expansion deals.
In Thursday’s filing, the company reported net income of $109,903, compared to a net loss of $174,539 in the same quarter of 2017. Earnings per share for the quarter were 1 cent.
Net sales of $6.6 million this quarter were up 6 percent compared to $6.2 million in the year-ago quarter.
In the company’s online channels, which consists of ecommerce outlets including its website and third-party online marketplaces, net sales increased 49 percent to $3.1 million, or 47 percent of total net sales for the quarter, compared with $2.1 million, or 33 percent of total net sales in the year-ago quarter.
“Even in the traditionally slow, pre-holiday sales period, we generated solid revenue growth in online channels and finished jewelry,” said CEO Suzanne Miglucci in a statement. “We delivered a profitable quarter based on this e-commerce revenue growth, combined with attractive product margins and prudent expense control. We believe this progress provides strong momentum as we head into the holiday season.”
Finished jewelry net sales were $2.6 million for the quarter, an increase of 21 percent compared with $2.1 million in the year-ago quarter.
Last month, Charles& Colvard announced plans to continue expanding its e-commerce segment with plans to be available on the Amazon marketplace in Europe and a partnership with Macy’s.
Shares for Charles & Colvard closed at 93 cents on Thursday, down 2 percent from 95 cents on Wednesday.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
