Tiffany Q1 Net Sales Rise 15% to Expand Wholesale Watch Distribution

Tiffany & Co. (NYSE: TIF) reported 15 percent increases in net sales and net earnings in its first quarter ended April 30, 2007. Net sales rose to $620.87 million. Net earnings rose to $49.66 million.

The luxury retailer said growth was geographically broad-based, with the exception of Japan.

U.S. Retail sales rose 15 percent to $298.7 million, primarily thanks to larger ticket sales. Comparable store sales increased 12 percent, due to a 26 percent increase in the New York flagship store and a 9 percent increase in branch store sales.

International sales rose 15 percent to $248 million. On a constant-exchange-rate basis, sales rose 13 percent.

In related news, Tiffany announced plans to launch a significant expansion of its wholesale distribution of Tiffany & Co. watches in 2008 in major U.S. and international markets. The initial offering will include the Mark, Atlas, Grand and T-57 collections, as well as a selection of jeweled timepieces, the company said.