June 2, 2010 / 10:36 PM / in 8 years

UPDATE 1-Harry Winston posts wider-than-expected Q1 loss

* Q1 loss/shr $0.11 vs est loss/shr $0.02

* Sales up 4 pct

* Foreign exchange loss widens

June 2 (Reuters) - Harry Winston Diamond Corp HW.TO posted a wider-than-expected quarterly loss, hurt mainly by foreign exchange losses.

For the first quarter ended April 30, the company posted a loss of $8.7 million, or 11 cents a share, compared with a loss of $45.1 million, or 68 cents a share, a year ago.

Harry Winston, which owns a minority stake in the Diavik diamond mine in Canada’s Arctic and operates a string of high-end jewelry shops, posted a 4 percent rise in revenue at $114 million.

Rough diamond sales, however, fell 15 percent to $48.9 million. Analysts on average expected a loss of 2 cents a share, on revenue of $105.94 million, according to Thomson Reuters I/B/E/S.

Net foreign exchange loss widened to $11.8 million, or 15 cents a share, from $5.8 million, or 9 cents a share, a year ago.

Shares of the Toronto-based company, which is part-owned by Kinross Gold (K.TO), closed at C$13.59 Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Maju Samuel)

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