Home / Knowledge / News / Fashion / Iconic jeweller Tiffany reports marginal drop in sales in Q3
Iconic jeweller Tiffany reports marginal drop in sales in Q3
27
Nov '08
Tiffany & Co. today reported its results for the three-month period (third quarter) ended October 31, 2008. A one percent decline in worldwide sales reflected weakness in the U.S. offset by increased sales outside the U.S. Net earnings fell in comparison with the prior year, when a substantial gain was recorded on a sale and leaseback transaction.

Michael J. Kowalski, chairman and chief executive officer, said, "Customers have adjusted their spending in reaction to economic conditions and near-term uncertainties. Despite that, Tiffany maintained a high level of profitability in the third quarter and, in fact, net earnings per share rose 13% when excluding certain items from the prior year."

Net sales declined 1% to $618.2 million in the third quarter. 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), worldwide net sales declined 2% and comparable store sales declined 7%.

In the nine-month period (year-to-date), net sales increased 7% to $2.0 billion. On a constant-exchange-rate basis, worldwide net sales rose 4% and comparable store sales declined 2%.

Net earnings from continuing operations in the third quarter were $43.8 million, or $0.35 per diluted share. In the prior year, net earnings from continuing operations of $103.1 million, or $0.74 per diluted share, included: (i) a pre-tax gain of $105.1 million, or $0.48 per diluted share after tax, which resulted from the Company's sale-leaseback of the building housing its Tokyo flagship store; and (ii) a $10 million contribution, or $0.04 per diluted share after tax, to The Tiffany & Co. Foundation. Excluding those prior-year-items, net earnings per share increased 13% (see attached "Non-GAAP Measures" schedule).

In the year-to-date, net earnings from continuing operations were $188.9 million, or $1.49 per diluted share, compared with $223.6 million, or $1.60 per diluted share, in the prior year. Excluding the items mentioned above, net earnings from continuing operations increased 27% over the comparable period in 2007. In 2007, discontinued operations included an after-tax charge of $22.6 million related to the sale of the Company's Little Switzerland business, as well as losses from those operations.

Tiffany & Co


Must ReadView All

Indian textile & apparel exports fall 13% in Jan 2018

Textiles | On 17th Feb 2018

Indian textile & apparel exports fall 13% in Jan 2018

A decline of 13 per cent year-on-year has been observed in the...

Brazilian cotton prices move up in first fortnight

Textiles | On 17th Feb 2018

Brazilian cotton prices move up in first fortnight

Cotton prices rose in Brazil in the first fortnight of February, as...

Courtesy: OrganoClick

Textiles | On 17th Feb 2018

OrganoClick introduces OrganoTex for water repellency

OrganoClick has introduced OrganoTex, a textile impregnation product...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Urmil Arya

Sushila International, a well established textile organisation established ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mark Paterson
Technical Absorbents Ltd

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

Divvya and Nidhhi Gambhir
Walnut

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

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

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

February 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.3%
No
12.9%
Skip
16.8%

Total Votes: 101

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.4%
No
29.7%
Skip
6.9%

Total Votes: 101

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.1%
No
8.9%
Skip
3.0%

Total Votes: 101

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.2%
No
7.9%
Skip
8.9%

Total Votes: 101


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search