Charles & Colvard, Ltd. Provides Earnings Guidance for the Fiscal Year Ended June 30, 2023
September 28, 2023 at 04:25 pm EDT
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Charles & Colvard, Ltd. provided earnings guidance for the fiscal year ended June 30, 2023. Consistent with the Company?s results for the first, second and third quarters of the fiscal year ended June 30, 2023, the Company expects to report net sales decreased by 31% to $29.9 million for the fiscal year ended June 30, 2023 compared to net sales of $43.1 million for the fiscal year ended June 30, 2022. Consistent with the Company?s results for the first, second and third quarters of the fiscal year ended June 30, 2023, the Company will report a net loss for the fiscal year ended June 30, 2023 that is a significant change compared to net income of $2.4 million reported for the year ended June 30, 2022.
Charles & Colvard, Ltd. is a fine jewelry company that specializes in moissanite and lab grown diamonds. The Company operates through two segments: Online Channels and Traditional. The Online Channels segment consists of e-commerce outlets, including charlesandcolvard.com, moissaniteoutlet.com, third-party online marketplaces, drop-ship retail, and other pure-play, exclusively e-commerce outlets. The Traditional segment consists of wholesale and retail customers, including its own Charles & Colvard Signature Showroom and charlesandcolvarddirect.com. The Company manufactures, markets, and distributes Charles & Colvard Created Moissanite and finished jewelry featuring moissanite, including Forever One, the Companyâs premium moissanite gemstone brand, for sale in the worldwide fine jewelry market. The Company also markets and distributes Caydia lab grown diamonds and finished jewelry featuring lab grown diamonds for sale in the worldwide fine jewelry market.
CHARLES & COLVARD, LTD. 
