Home / Knowledge / News / Fashion / Tiffany's profit jumps in first quarter
Tiffany's profit jumps in first quarter
31
May '08
Tiffany & Co. reported results for the three months (first quarter) ended April 30, 2008. Sales results benefited from strong growth in Asia-Pacific and Europe. Net earnings per diluted share surpassed management's expectation due to higher-than-expected sales and operating margin.

Worldwide first quarter net sales increased 12% to $668.1 million, versus $595.7 million in the prior year. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see attached “Non-GAAP Measures” schedule), net sales and comparable store sales rose 8% and 3%, respectively.

Net earnings from continuing operations rose 20% to $64.4 million in the first quarter, versus $53.8 million in the prior year. Net earnings from continuing operations per diluted share increased 28% to $0.50, versus $0.39 a year ago.

Segment reporting changed:
Effective with this first quarter, management has changed segment reporting to reflect operating results for the following regions: the Americas, Asia-Pacific and Europe. Prior year results have been revised to reflect this change. The Company has expanded its global reach and management has determined to assess performance on a region-by-region basis, rather than on a channel-of-distribution basis.

First quarter sales by region were as follows:
• Total sales in the Americas region (consisting of sales in the U.S., Canada and Latin/South America) increased 6% to $373.6 million, versus $353.3 million in the prior year, due to incremental sales from new stores. Comparable store sales in the U.S. were equal to the prior year, consisting of a 16% increase in Tiffany's New York flagship store (due to increased foreign tourist spending) and a 4% decline in branch store sales. Combined catalog and Internet sales in the U.S. increased 1%.


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search