Tiffany Holiday Sales +4%
January 10, 13 by IDEX Online Staff Reporter
(IDEX Online News) – Holiday business was not spectacular in the diamond jewelry sector, and Tiffany & Co is no exception. The popular retailer reported a 4 percent net sales growth globally, while sales at the New York flagship store actually declined 2 percent.
Worldwide net sales increased to $992 million, Tiffany reported Thursday. Net sales in the Americas region – largely the U.S. – increased to $516 million in the holiday period.
Outpacing all forecasts, sales in the Asia-Pacific region increased 13 percent to $187 million. On a constant-exchange-rate basis, total sales increased 11 percent and comparable store sales rose 7 percent.
Sales in Japan fell by 5 percent to $153 million, however, on a constant-exchange-rate basis, both total sales and comparable store sales rose 1 percent.
In Europe, sales increased 2 percent to $119 million. Internet and catalog sales rose 4 percent.
“Holiday period sales growth was at the low-end of our expectations," said Michael J. Kowalski, chairman and CEO.
He warned that net earnings for the year will be at the lower-end of the forecasted $3.20 - $3.40 per diluted share.
Due to the uncertainty about general economic conditions, Tiffany is expecting net earnings growth of 6 percent-9 percent in 2013.
