National Jeweler Network

Financial Reporting

Tiffany’s holiday comps in the Americas up 7 percent

January 10, 2014

New York--Tiffany & Co. reported Friday that same-store sales in the Americas rose 7 percent during the two-month period ending Dec. 31.

Additionally, total sales in the Americas region were up 6 percent (7 percent on a constant- exchange-rate basis) year-over-year to $550 million in November and December, due to broad-based sales growth across most of the region, according to the company.

Worldwide, Tiffany’s same-store sales were up 2 percent (6 percent on a constant-exchange-rate basis), while total sales rose 4 percent to $1.03 billion, due to growth in all regions.

“Tiffany enjoyed a good holiday season with overall sales results in line with our expectation, and we were pleased to see growth across our fine and statement, engagement and fashion jewelry categories,” said chairman and CEO Michael Kowalski. “Based on these sales results and related margins, we expect that full-year earnings before certain charges will meet the most recent forecast we provided in November.”

For the fiscal year ended Jan. 31, Tiffany has said it expects net sales to increase by a mid-single-digit percentage (a high single-digit percentage on a constant-exchange-rate basis).

The company is slated to release its fourth quarter and full-year results on March 21.

As of Dec. 31, Tiffany & Co. operated a total of 286 stores globally, including 121 in the Americas. That is up from 274 stores, including 115 in the Americas, at that time in 2012.