Sotheby's (BID) saw its loss narrow to $11.32 million, or $0.21 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $25.88 million, or $0.41 a share. On the other hand, adjusted net loss for the quarter narrowed to $11.42 million, or $0.21 a share from a loss of $21 million or $0.33 a share, a year ago. Revenue during the quarter surged 76.04 percent to $187.54 million from $106.53 million in the previous year period. Gross margin for the quarter contracted 2268 basis points over the previous year period to 54.16 percent. Operating margin for the quarter stood at negative 6.85 percent as compared to a negative 30.03 percent for the previous year period.
Operating loss for the quarter was $12.85 million, compared with an operating loss of $31.99 million in the previous year period.
“In this seasonally quiet first quarter, our results improved significantly, reflecting greater confidence in the market", said Tad Smith, Sotheby’s president and chief executive officer, adding, “Looking ahead, we also see signs of strengthening in the consignments for our important upcoming sales of Impressionist, Modern and Contemporary Art in New York that take place next week.”
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