RESEARCH TRIANGLE PARK – Charles & Colvard, a company specializing in lab-made gemstones, reported better year-over-year fiscal first-quarter results on Thursday.
For the quarter, Charles & Colvard reported net income of $874,000, or 3 cent earnings per diluted share, up from $207,000 or 1 cent earnings per diluted share one year ago. The analyst following the company expected a loss of 3 cents per share.
Net revenue increased 4 percent to $7.9 million, compared to $7.6 million in the same quarter last year. The analyst following the company forecasted revenue of $5.7 million.
During the quarter, Charles & Colvard, which is best known for lab-created moissanite, a popular and less expensive alternative to diamonds, expanded its product line with the launch of Caydia, an assortment of lab grown diamonds.
“Our recent product expansion was a natural progression for the business as we were able to utilize existing resources, components, and infrastructure to reach a broader variety of consumers. We believe this now allows us to tap into the estimated $5.2 billion lab grown diamond space,” CEO Don O’Connell said in the release.
Charles & Colvard’s e-commerce outlets also increased 21 percent to $4.5 million representing more than half of total net sales for the quarter, up from $3.7 million in the same quarter last year.
“We rolled out an enhanced website experience that provides more functionality, eliminates complexity and showcases our premium Forever OneTM moissanite gems and our exclusive Caydia lab grown diamonds set in fine jewelry. We also grew our omnichannel retail footprint with the launch of our Moissanite by Charles & Colvard® fine jewelry in 50 Macy’s stores,” O’connell said.
Shares of Charles & Colvard are currently trading at 99 cents per share, up 8.04 percent, or 7 cents per share.
The earnings release can be found here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
