Tiffany & Co. Holiday Sales Up 7%

In the Americas (the U.S. Canada and Latin America) sales rose 4 percent to $503 million while comparable store sales rose 2 percent (comparable Americas’ branch store sales rose 3 percent and New York flagship store sales declined 1 percent). Higher sales to non-U.S. tourists were partly offset by weakness in spending by U.S. customers. Combined Internet and catalog sales were 4 percent lower than 2010.

Sales in the Asia-Pacific region increased 19 percent to $165 million. Comparable store sales increased 12 percent due to growth in most countries.

In Japan, sales increased 13 percent to $160 million with comparable store sales increasing 6 percent.

Sales in Europe increased 1 percent to $117 million; however, comparable store sales declined 4 percent, reflecting modest sales growth in Continental Europe and lower sales in the U.K.

“After achieving very strong and better-than-expected sales and earnings growth in the first three quarters of 2011, sales weakened markedly in the United States and Europe during the holiday season, reflecting restrained spending by consumers for fine jewelry,” said Michael J. Kowalski, chairman and chief executive officer.

The company also announced it has updated its full-year earnings forecast. It now estimates that its earnings per diluted share for the fiscal year ending January 31, 2012 will increase 23-25 percent to a range of $3.60-$3.65.

Tiffany & Co. will report its full-year financial results in March.