National Jeweler Network

Financial Reporting

Tiffany’s Q4 comps up 6 percent in America

March 24, 2014

New York--Tiffany & Co. saw same-store sales in the Americas increase 6 percent in the fourth quarter, the company reported Friday.

Total sales in the region were also up 6 percent (7 percent on a constant-exchange-rate basis) to $659 million in the three-month period ended Jan. 31.

Comps for the full year in the Americas rose 3 percent, while full-year net sales increased 5 percent to $1.9 billion.

Global comps rose 2 percent in the fourth quarter and 3 percent during the 12-month period.

Total net sales across the company for the quarter increased 5 percent to $1.3 billion, while the full year brought a 6 percent increase in net sales compared with the year prior to $4 billion.

Net earnings for Tiffany’s fiscal year were $181 million.

“Sales and operating earnings (excluding the arbitration-related charge) rose to record levels,” said chairman and CEO Michael J. Kowalski. “Sales growth was led by fine and statement jewelry, new or expanded jewelry collections including the Atlas, Ziegfeld, and Harmony collections, and continuing strength in our iconic jewelry designs. Tiffany’s marketing communications more effectively engaged global consumers wherever they shopped, our distribution network was expanded by 14 additional stores, and everywhere the store experience was enhanced by improved visual merchandising.”

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As of Jan. 31, 2014, Tiffany’s operated 289 stores, including 121 in the Americas, compared with 275 stores a year ago, including 115 in the Americas.

For fiscal 2015, Tiffany’s expects global net sales to increase by a high-single-digit percentage in U.S. dollars and on a constant-exchange-rate basis, with all regions expected to grow in total sales and comps.

The company expects to report first quarter results on Wednesday, May 21.