TORONTO (CP) -- Sales for the quarter ended July 31 were $186.1 million, compared to a year-ago $173.3 million, while earnings from operations increased to $73.4 million from $56.2 million.
The company said net earnings for the second quarter of 2007 were reduced by a $11.8 million foreign exchange loss as a result of the strong Canadian dollar, while the current quarter saw a $5.3 million foreign exchange gain.
"The international cachet of the Harry Winston brand has proven its strength despite difficult trading conditions in both the U.S. and Japanese markets," said chairman and CEO Robert Gannicott.
Gannicott added that strong pricing for the company's rough diamond sales helped to offset lower than anticipated production from the company's Diavik mine in the Northwest Territories.
"Together with solid results from the first quarter, the first half of the year has put us on firm footing into the second half of the year," added Harry Winston president Thomas O'Neill.
Harry Winston operates the Harry Winston high-end international jewelry chain and is the 40 per cent owner of the Diavik mine.
Harry Winston's shares closed at $17.38, down $1.61 or almost 8.5 per cent, in Tuesday trading on the Toronto Stock Exchange.
© Canadian Press
