QualityStock's Smallcap Stock Clients - Novori, Inc. (NOVO.OB)

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Novori is one of our highlighted companies this month. The company is a leading online interactive retailer of diamond engagement rings and fine jewelry. The company launched their website in 2005 and has built a well respected brand by providing consumers with superior customer service and a better way to buy diamond engagement rings.
 
In our client’s news today,
 
Novori announced a revenue increase of 53% compared to the same quarter in 2006. The increased consumer awareness of the company and its website attributes to the large increase.

 

Harold Schaffrick, President & CEO of Novori, stated, “We are pleased with the growth in sales. It is interesting to note that this increase has come about without any significant extra marketing expenditure. I am confident that with planned marketing initiatives, we will grow revenues at an even greater pace. It’s also nice to know we’re growing sales at a faster rate than our competitors.”

 

The company is well positioned to garner the large revenues being made in the emerging marketplace of online jewelry. The online jewelry industry has surged in popularity, which has also increased revenues of other competitors in the market place.

 

The market continues to grow as more and more consumers are becoming comfortable with buying luxury goods online. In 2004 U.S. online jewelry sales in the U.S. grew 19.3% from the prior year to $1.7 billion, according to Forrester’s Research.
 
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