News Flash

Tiffany Q1 earnings gain 15%

31 May '07

2 min read

Tiffany & Co reported 15% increases in both net sales and net earnings in its first quarter ended April 30, 2007.

Net sales rose 15% to $620,875,000. Growth was geographically broad-based, with the exception of Japan. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, net sales increased 14% and worldwide comparable store sales rose 8%.

Net earnings in the first quarter rose 15% to $49,659,000 from $43,142,000 a year ago, and earnings per diluted share rose 20% to $0.36 from $0.30 in the prior year.

Sales by channel of distribution were as follows:
• U.S. Retail sales rose 15% to $298,684,000, primarily due to increased spending per transaction. Comparable store sales growth of 12% was achieved through a 26% increase in the New York flagship store and a 9% increase in branch store sales. Results from six new stores opened in the past year meaningfully contributed. The Company opened a store in Austin, Texas in the first quarter and operated 65 TIFFANY & CO. U.S. stores at the end of the period.

• International Retail sales rose 15% to $248,007,000. On a constant-exchange-rate basis, sales rose 13% (4% on a comparable store sales basis) due to growth in most international markets except Japan. Tiffany added a net of three Company-operated retail locations, including three in Japan (and closed two), one in Korea and one in Singapore, and operated 106 TIFFANY& CO. international stores and boutiques at quarter-end.

• Direct Marketing sales rose 11% to $33,296,000 due to growth in both the number of orders and in the average amount spent per order.

• Other sales increased 22% to $40,888,000. The increase was due to a $5.2 million increase in wholesale sales of diamonds, as well as growth in the Company's specialty retail sales at LITTLE SWITZERLAND and IRIDESSE stores.

Click here to read more:

Tiffany & Co

More Tiffany & Co News... More Fashion News - United States Of America...