Since 1999, the Company has expanded its primary product focus from offering only new watches to offering 11 different product categories. Ashford has created a portfolio that combines items purchased frequently, such as leather and sunglasses, with higher-priced items purchased less frequently, such as watches and diamonds. In March 2000, the Company launched its corporate gift business, which offers an additional 800 luxury products in new categories such as crystal, silver and pewter. Results reflect a general decline in retail spending.
Lower loss reflects reduced marketing and sales expenses.
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