Charles & Colvard, Ltd, a globally recognized fine jewelry company that specializes in moissanite and lab grown diamonds, reported financial results for the third quarter ended March 31, 2024 (Third Quarter Fiscal 2024).
“We remain committed to growth despite a challenging third quarter. We believe our strategic initiatives, continued investments in innovative technology, and dedication to providing a more seamless omnichannel consumer experience will position us for future success. Although we experienced softness during the quarter.
We feel pleased by our growth in repeat customers on our owned property, and consumer response to new products and marketing initiatives. We believe the evolution of our product portfolio, from loose gems to bridal-focused jewelry to fine jewelry catering to a variety of audiences, speaks to the strength and longevity of our brand,” said Don O’Connell, President and CEO of the Company.
Net sales of $5.3 million for the quarter, a decrease of 21% from $6.6 million in the year-ago quarter. In the Online Channels segment, which consists of e-commerce outlets including Charlesandcolvard, moissaniteoutlet, charlesandcolvarddirect, madeshopping, third-party online marketplaces, drop-ship retail and other pure-play e-commerce outlets, net sales of $4.1 million, representing 77% of total net sales for the quarter, compared to $4.6 million, or 70% of total net sales in the year-ago quarter.
In the Traditional segment, which consists of wholesale and brick-and-mortar customers, net sales of $1.2 million, representing 23% of total net sales for the quarter, compared to $2.0 million, or 30% of total net sales, in the year-ago quarter.
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