Southern Bullion closure widens DGSE net loss

Dallas – Net loss at specialty jewelry retailer DSGE Inc. roughly tripled to $4.45 million in the second quarter of fiscal 2014 from $1.12 million in the same period a year earlier. Writeoffs related to the closure of DSGE’s Southern Bullion banner drove the net loss increase.

Declining gold prices helped produce a 26% reduction in revenues, which dropped to $17.5 million from $23.8 million. Strong jewelry sales partially offset the drop in gold value. DSGE also added two new independent directors, Bruce Quinnell and Dennis McGill, to its board. Both men are senior retail executives with decades of experience.

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