| By Avi Krawitz | Posted: 03/03/10 03:56 |
RAPAPORT… Berkshire Hathaway’s jewelry retail division, comprised of Borsheims, Herlzberg and Ben Bridge Jeweler, saw its revenue decline by 12 percent in 2009, the investment group reported, and posted a pre-tax loss for the year.
The company’s total retail revenue fell 8 percent to $2.87 billion, while its pre-tax earnings were relatively unchanged at $161 million, according to its annual report. The company did not provide totals for the jewelry division, but instead grouped them with its other retail businesses, which include four home furnishing companies and See’s Candies. See’s Candies and two of the company’s home furnishings businesses increased their pre-tax earnings during the year, Berkshire noted.
“Throughout 2008, as the impact of the economic recession in the U.S. worsened, consumer spending declined and these conditions continued in 2009,” the report stated.
Ben Bridge Jeweler has 73 stores in 12 states and employed 744 workers at the end of the reporting period. Herlzberg Diamonds has 230 stores and employs 2,147 people, while the smallest unit in the jewelry division, Borsheims Jewelry, employs 168 people.
Berkshire Hathaway’s total revenue rose 4 percent to $112.5 billion in 2009, while its net income increased by 61 percent to $8.06 billion for the year.
LH
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