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Tiffany Q4 profit slips 34%, sales up 6%

28 Mar '06

2 min read

High-end jewelry and watch retailer Tiffany & Co has reported its financial results for the fourth quarter and full year ended January 31st 2006.

The net sales rose 6 percent in the quarter and 9 percent in the full year, and earnings from operations increased 44 percent and 30 percent in those periods. However, as expected, net earnings declined in both periods due to a one-time gain in December 2004.

In the fourth quarter of fiscal 2005, net sales of $858,446,000 were 6 percent higher than $810,122,000 in the prior year. Net sales increased 9 percent and worldwide comparable store sales rose 6 percent. Net earnings were $140,257,000 compared with $217,040,000 in the prior year.

In fiscal 2005, net sales rose 9 percent to $2,395,153,000, compared with $2,204,831,000. On a constant-exchange-rate basis, net sales increased 9 percent and worldwide comparable store sales rose 5 percent. Net earnings for the year were $254,655,000 compared with $304,299,000 in the prior year.

Michael Kowalski, Chairman and CEO, said, "We are pleased with Tiffany's overall success in 2005. We increased sales in the US and in many international markets, improved performance in Japan, opened stores that generated strong initial results, expanded our product offerings with exciting, new designs and strengthened our product sourcing capabilities."

Tiffany & Co operates jewelry and specialty retail stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. It operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations.

Tiffany & Co

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