Sotheby's Loss Narrows as Revenue Jumps 46%
November 09 2015 - 9:50AM
Dow Jones News
Sotheby's on Monday posted stronger-than-expected results and a
loss that narrowed compared with the same period a year ago,
boosted by inventory sales and the performance of its finance
segment.
The company said, however, that while net auction sales
increased by 15% to $48 million during the quarter because of the
favorable scheduling of a contemporary art sale, commission
revenues decreased mostly due to weaker sales in higher-margin
categories such as old master paintings, Asian art, and
jewelry.
Finance revenue rose to $12.9 million from $8.9 million, while
inventory sales jumped to $53.2 million from $6.3 million.
Overall, the company reported a loss of $17.9 million, or 26
cents a share, compared with a year-earlier loss of $27.7 million,
or 40 cents a share.
Revenue jumped 46% to $138 million.
Analysts surveyed by Thomson Reuters forecast a loss of 27 cents
a share on revenue of $111 million.
The venerable auction house has had a roller-coaster few years,
welcoming Tad Smith as its new chief executive in March amid
increasing clamor from activist shareholders calling for a leaner,
more profitable business.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 09, 2015 09:35 ET (14:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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