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Charles & Colvard Ltd Reports $19.6 Million Net Loss for the Fiscal Year
Annual Revenue Declined to $29.9 Million
CHARLES & COLVARD LTD [CTHR], a renowned jewelry company, has reported a net loss of $19.6 million for the fiscal year ending June 30, 2023. The company's annual revenue declined to $29.9 million during the period.
The financial performance of Charles & Colvard Ltd witnessed significant challenges in the past year. The net loss of $19.6 million was a substantial decline compared to the previous year's net income of $2.4 million. This decline can primarily be attributed to a decrease in sales, higher costs of goods sold, and increased operating expenses.