October 12, 2001
First-Quarter Sales Down at Lazare Kaplan, Up at Little Switzerland
Lazare Kaplan International Inc., New York City, announced sales of $51.1 million for the first fiscal quarter of 2002, ended Aug. 31. That's down 34% from $77.6 million in the first quarter of last year. The net loss for the quarter was $1.66 million vs. a net income of $1.03 million in last year's first quarter.
Polished diamond sales fell 21% to $37.2 million because of lower sales of stones produced in Russia and Lazare Diamonds, the company says. Rough diamond sales for the quarter were $13.8 million, down from $30.5 million. The company attributes the decline to the reduction of its rough-buying operation.
Little Switzerland Inc., the Caribbean-based specialty retailer, reported sales of $13.3 million for the first quarter ended Aug. 25. That's up 33.5% from $10 million in the same quarter of last year. Despite the increase in sales, the company reported a net loss of $1.5 million vs. a $1.9 million loss the first quarter of last year. Little Switzerland also reports sales have dropped 12% for all stores and 23% for comparable stores since Sept. 11.
- by Julia M. Duncan