Tiffany Holiday Sales Rebound, Up 17%

Only in Japan Tiffany saw a decrease in the number of people walking out of their stores with the iconic blue boxes

Proving that diamond jewelry sales in the November-December holiday season were strong, worldwide sales by Tiffany & Co. rose 17 percent to $799.1 million in the November-December holiday season, the retailer announced Tuesday. U.S. sales rose 13 percent during the period, providing first hard proof of the turnaround the industry has been waiting for.

In the Americas, sales increased 15 percent to $443.9 million as comparable U.S. store sales increased 12 percent (16 percent in November and 10 percent in December).

Holiday results included a 20 percent increase in the New York flagship store and 10 percent growth in comparable store sales for U.S. branch stores, which the company attributed to a rise in sales to local customers and tourists.

Combined Internet and catalog sales in the U.S. increased 17 percent.

Sales in the Asia-Pacific region increased 11 percent to $240.8 million. On a constant-exchange-rate basis, net sales rose 4 percent. Comparable store sales rose 1 percent, including a 12 percent decline in Japan and a 26 percent increase across the rest of the region. Excluding Japan, Asia-Pacific region net sales increased 54 percent on a reported basis and 40 percent on a constant-exchange-rate basis.

Sales in Europe increased 30 percent to $103.0 million.

Other sales increased to $11.5 million from $3.4 million last year, reflecting increased sales of rough diamonds that do not meet the company's requirements.

Tiffany plans to report its fourth quarter and full year results on March 22.