House of Taylor Jewelry Reports Q2 Sales of $4.8 Million

House of Taylor Jewelry, Inc. (HOTJ) today reported that net sales for its second quarter ended June 30, 2007 nearly doubled to $4.8 million from $2.5 million during the same period last year. According to HOTJ, this reflects increased sales of the company’s branded products and loose diamonds sales of $3.5 million.

The company’s gross profit as a percentage of net sales more than doubled to 15.9 percent, from 7 percent in 2006. Second quarter gross profit increased to $764,000, up from $174,000 in the same period of 2006.

For the first half of 2007, net sales more than doubled to $9.3 million compared to $3.8 million for the first half of 2006. Gross profit as a percentage of sales rose significantly to 13.6 percent from 4.8 percent year-over-year. First half gross profit was $1.3 million, up from $184,000 last year.

"The favorable results reflect the company's improved operating performance, as well as continued execution of our business strategies," said President and CEO Jack Abramov.

"We continue to selectively expand our product assortment and channels of distribution to meet the growing demand from consumers for our branded jewelry products. We are particularly pleased with the demand, independent door penetration and sell thru for our Kathy Ireland Jewelry line, which targets the broader spectrum of consumers with price points from $200 to $3,500."