Harry Winston sales rise 45 percent in Q2 2011

During the second quarter, Harry Winston Diamond Corp. sales rose 45 percent though rising costs put downward pressure on profits. Total sales for Harry Winston in the second quarter ended July 31 were $222.4 million, up from $153.7 million in the same period in 2010. Operating profit fell from $29.9 million to $23.1 million, a 23 percent decline. Retail segment sales jumped 98 percent, from $66.9 million to $132.8 million due to few big-ticket transactions totaling $55.6 million. The company said demand for luxury goods remains strong worldwide but it is emerging markets that are driving sales growth.