Sotheby's Moves Forward as Inventory Sales Skyrocket [The Motley Fool]
SOTHEBYS (BID)
Last sothebys earnings: 5/2 07:00 am
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Source: The Motley Fool
The auction house took a traditionally weak season and used it to clean up its balance sheet. Like many other retail businesses, the market for high-end art and collectibles goes through seasonal ups and downs. For Sotheby's ( NYSE:BID ) , the winter months are usually a time to consolidate and prepare for larger opportunities later in the year. Coming into Wednesday's first-quarter financial report, investors were prepared for the losses that usually come during the slow season, but they wanted to see at least modest revenue growth to build on last quarter's positive results . Sotheby's went a lot further, booking major sales of its internal inventory that reflected efforts to clean up its balance sheet. Let's look more closely at Sotheby's and what its results suggest about its future prospects. Image source: Sotheby's. Sotheby's sees sales soar First-quarter numbers were surprising for those who've followed the stock over time. Revenue shot up by 76% to
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