Berkshire’s Q2 retail revenues jump 4.6%

Furniture sales boosted by new R.C. Willey store in Sacramento

OMAHA, Neb. — Berkshire Hathaway’s retailing business segment posted a 4.6% increase in second quarter revenues and a 12.7% increase in pre-tax profit, propelled largely by its auto dealership and motorcycle accessories businesses.

Retailing business revenues increased to $3.9 billion in quarter ended June 30, up from $3.8 billion for the same period a year ago. Pre-tax earnings for the segment increased to $230 million from $204 million in the second quarter last year.

Through the first half in retailing, revenues increased 4.7% to $7.6 billion and pre-tax earnings increased 15.1% to $388 million.

Berkshire’s retailing segment includes the Top 100 Berkshire Hathaway furniture division’s Nebraska Furniture Mart, R.C. Willey, Star Furniture and Jordan’s; Berkshire Hathaway Automotive, which more than 80 auto dealers; three jewelry chains; See’s Candies; a Germany-based motorcycle accessories business and other businesses.

In the report, Berkshire said revenues for the home furnishings businesses increased 7% in the second quarter and 6% in the first half, due to higher volumes in certain markets and the opening of a new store.

Its pre-tax earnings gains were due primarily to Berkshire’s automotive and motorcycle accessories businesses, it said.

Berkshire’s overall revenues increased 8.6% in the second quarter to $62.2 billion and were down 0.8% in the first half to $120.7 billion. Net earnings attributable to shareholders nearly tripled to $12 billion in the second quarter and were up 30.7% in the first half to $10.9 billion.

Omaha, Neb.-based Berkshire Hathaway’s furniture division is No. 7 on Furniture Today’s Top 100 with estimated 2017 furniture, bedding and accessory sales of $2.01 billion at 33 stores. In January, R.C. Willey opened a second, 160,000-square-foot store in Sacramento, Calif.

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