House of Taylor Jewelry Expects 2006 Sales +$30 million
January 09, 07
House of Taylor Jewelry expects 2006 sales to exceed the $30 million threshold established in connection with the placement of the company's senior convertible notes and warrants in May 2006.
The company recorded sales of $5.6 million for 2005 and exceeded its initial sales threshold of $14 million for the first nine months of 2006.
“The strong sales growth achieved in 2006 reflects increased market penetration and demand for HOTJ's branded jewelry collections and certified loose diamond products from jewelers and distributors in the United States and select international markets,” said president and CEO, Jack Abramov.
During the fourth quarter, our diamond program helped us gain traction and ramp up sales of our branded fine jewelry lines, which traditionally carry higher margins. Throughout the year, we focused on building our production, marketing and internal infrastructure to expand sales, based on filling the needs for the most frequently purchased product categories through the independent retail channel,” he added.