Global sales up in fourth quarter for Tiffany & Co.

by eyetee | April 5, 2010 12:00 am

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Worldwide sales for Tiffany & Co., rose 17 per cent in the company’s fourth quarter, offsetting a five per cent decline overall for 2009.

Increases in the Americas, Asia-Pacific, and European regions helped push the quarter to $981.4 million from $837.6 million for the same period in 2008. However, net sales in 2009 dipped to $2.7 billion from $2.85 billion the previous year.

Tiffany chair and chief executive officer (CEO) Michael J. Kowalski says the results are positive.

“We were very pleased with the sales results in the fourth quarter, which reflected growth in most countries, product categories, and price points,” he said. “Notwithstanding the global economic challenges over the past year, the decisive measures we took to control spending were successful and, combined with the considerable and growing international awareness of the Tiffany & Co. brand, helped us to generate strong earnings and free cash flow.”

Sales in the Americas increased 14 per cent to $523.5 million in the fourth quarter, although results for the year showed an 11 per cent decline to $1.41 billion. The Asia-Pacific region rose 14 per cent to $318 million, due to growth in all countries except Japan. Strong growth in most European markets saw sales increase 29 per cent to $122.9 million in the fourth quarter and 10 per cent to $311.8 million in the year.

Tiffany & Co., says the outlook for 2010 includes an estimation of an 11 per cent increase in worldwide sales. The luxury retailer is also planning to open 17 new company-operated stores—six in the Americas, eight in Asia-Pacific, and three in Europe.

Source URL: https://www.jewellerybusiness.com/news/global-sales-up-in-fourth-quarter-for-tiffany-a-co/

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