Double Digit Increase in Tiffany’s Q1 Sales
May 27, 10
Global sales at Tiffany & Co. increased 22 percent to $633.6 million in the first quarter ended April 30. The retailer credited the increase to growth in most regions and product categories.
On a constant-exchange-rate basis, worldwide net sales increased 18 percent and comparable store sales rose 10 percent.
Because of the strong and higher-than-expected sales growth and operating margin, net earnings increased 135 percent to $64.4 million and per diluted share rose 127 percent to $0.50 from $0.22 last year.
By region, sales in the Americas increased 22 percent to $315.3 million and sales in the New York flagship store rose 26 percent. In Asia-Pacific, sales increased 50 percent to $122.3 million and in Europe sales rose 25 percent to $68.6 million.
In Japan, however, Tiffany suffered from a 2 percent decline in sales to $115 million.