Tiffany Sales +14% in 2010

(IDEX Online News) -  Annual global sales by luxury retailer Tiffany & Co. rose 14 percent to $3.1 billion, proving that luxury goods are back in demand. Net earnings rose 39 percent to $368.4 million in the year ended January 31, 2011.

In Asia-Pacific, sales increased 29 percent in the full year to $549.2 million. In Japan, sales increased 7 percent to $546.5 million.

In the U.S., Canada and Latin/South America region, sales in the full year rose 12 percent to $1.575 billion, representing 51 percent of worldwide sales. Comparable store sales increased 8 percent.

Declines in wholesale sales of rough diamonds were partly offset in the quarter and entirely offset in the year by increased wholesale sales of finished goods to independent distributors within emerging markets.

In the fourth quarter, global net sales increased 12 percent to $1.1 billion, while net earnings rose 31 percent to $181.2 million.

In his first financial outlook for fiscal 2011, Chairman and CEO Michael J. Kowalski said fourth quarter sales, which were better than the previously reported holiday results, "were the culmination of an excellent year of strong earnings growth for Tiffany," adding that the new yellow diamond collection was highly successful.