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Tiffany Direct Marketing sales equal to prior year
Jan '08
Tiffany & Co. reported that its worldwide sales for the November 1 - December 31, 2007 holiday period increased 8% over the prior year to $867,262,000. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, net sales rose 6% and worldwide comparable store sales rose 1%. Results are based on unaudited sales.

Sales by channel of distribution were as follows:
• U.S. Retail sales increased 4% to $449,080,000, as increased spending per transaction was partly offset by a decline in the number of transactions. Comparable store sales declined 2%.
• International Retail sales rose 18% to $334,766,000. On a constant-exchange-rate basis, sales rose 12% and comparable store sales rose 5% due to growth in most countries. Detailed sales results by geographical region are noted on the attached “Non-GAAP Measures” schedule.
• Direct Marketing sales of $69,937,000 were equal to the prior year.
• Other sales declined 20% to $13,479,000 due to a reduction in wholesale sales of diamonds (which declined $2.9 million).

Michael J. Kowalski, chairman and chief executive officer, said, “Tiffany's holiday sales results were mixed but we still expect to achieve strong earnings growth in the fourth quarter ending January 31. While we were delighted with continued strong sales growth across Europe and the Asia-Pacific region outside Japan, U.S. sales softened after robust growth for much of the year.

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