Tiffany plans to raise at least 10% net sales worldwide

09 Feb '08

2 min read

Tiffany & Co announced its expectations for sales and earnings growth for the fiscal year that began on February 1.

Michael J. Kowalski, chairman and chief executive officer, said, "Having completed our planning process for the new fiscal year, we now think it is appropriate to share our thinking with investors.

Our U.S. sales results for the month of January were modestly improved from December and we are seeing ongoing strength in Asia-Pacific outside Japan and in Europe.

Generally speaking, we are planning our U.S. businesses cautiously for the first half of 2008 while planning for continued healthy international sales growth throughout the year."

For fiscal 2008, the Company is planning at least a 10% increase in worldwide net sales. This is composed of: (i) a high-single-digit percentage increase in U.S.

Retail sales, reflecting a low-single-digit increase in comparable store sales and the planned opening of six stores; (ii) a mid-teens percentage increase in International Retail sales, which reflects a mid-single-digit increase in comparable store sales (on a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars) and the opening of 15-20 stores and boutiques (net of closings); (iii) a mid-single-digit percentage increase in Direct Marketing sales; and (iv) a low-single-digit percentage increase in Other sales.

Based on these sales assumptions,the Company is planning for a mid-single-digit percentage increase in net earnings and a low-double-digit increase in diluted earnings per share (reflecting fewer shares outstanding).

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