Home / Knowledge / News / Fashion / Tiffany enjoys successful launches of new products
Tiffany enjoys successful launches of new products
28
Aug '09
Tiffany & Co reported financial results for its second quarter ended July 31, 2009. Sales and net earnings were below last year but exceeded expectations, and management increased its outlook for the full year accordingly.

Michael J. Kowalski, chairman and chief executive officer, said, "While economic and retail conditions remain challenging, we were encouraged to see many stores achieving either smaller year-over-year rates of sales declines or modest sales growth compared with the past two quarters. More importantly, Tiffany's strong financial and operating position allows us to continue to expand our global presence in pursuit of robust, long-term growth."

Net sales in the second quarter declined 16% to $612.5 million. On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales declined 14% and comparable store sales declined 16% (see attached "Non-GAAP Measures" schedule).

Net sales in the six-month (first half) period ended July 31, 2009 declined 19% to $1,130.1 million. On a constant-exchange-rate basis, net sales and comparable store sales declined 16% and 18%.

In the second quarter, net earnings from continuing operations were $56.7 million, or $0.46 per diluted share, compared with $82.6 million, or $0.64 per diluted share, in the prior year. Net earnings and net earnings per diluted share were $56.8 million and $0.46, versus $80.8 million and $0.63 in the prior year. Net earnings in 2009 include $0.07 per diluted share of non-recurring income related to a loan recovery and tax reserve adjustments (see below).

In the first half, net earnings from continuing operations were $84.2 million, or $0.68 per diluted share, compared with last year's $149.2 million, or $1.16 per diluted share. Net earnings and net earnings per diluted share were $81.1 million and $0.65, versus $145.2 million and $1.13 in the prior year.

Beginning in the second quarter of 2009, financial results for the Iridesse subsidiary are classified as discontinued operations in the statement of earnings for the current and prior year periods.

In the Americas, sales declined 23% to $324.9 million in the second quarter and 27% to $583.9 million in the first half. Comparable U.S. store sales declined 27% in the second quarter and 30% in the first half; comparable branch store sales declined 26% and 29%, while sales in the New York flagship store declined 30% and 36%. Combined Internet and catalog sales in the U.S. declined 8% in the second quarter and 12% in the first half.

In the Asia-Pacific region, sales in the second quarter declined 1% to $211.9 million as sales growth in most countries was offset by a decline in Japan. Sales in the first half declined 5% to $413.4 million. On a constant-exchange-rate basis, sales declined 3% in the second quarter and 5% in the first half, with comparable store sales declining 4% and 7%. During the quarter, the Company opened stores in Hong Kong (Canton Road) and Ikebukuro, Japan, and relocated a store in Kagoshima, Japan.


Must ReadView All

US commerce department finds dumping of low melt PSF

Textiles | On 20th Jun 2018

US commerce department finds dumping of low melt PSF

The US department of commerce (USDC) has announced affirmative final...

Courtesy: Aditya Birla

Textiles | On 20th Jun 2018

'Growth of VSF yarn industry is difficult'

Growth for the viscose filament yarn (VSF) yarn industry is...

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Apparel/Garments | On 20th Jun 2018

Comfort USP of Sensitive Fabrics range of Eurojersey Spa

Italian company Eurojersey Spa will present in 2019 new embossing...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Harmeet Singh

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

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...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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