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TIFFANY reports its third quarter results

26 Nov '09

4 min read

- In the Asia-Pacific region, sales increased 10% to $225.8 million in the third quarter due to improved results in most countries. Sales of $639.2 million in the year-to-date were equal to last year. On a constant-exchange-rate basis, sales rose 2% in the third quarter and declined 3% in the year-to-date, and comparable store sales declined 3% and 6%. During the quarter, the Company opened a boutique in Seoul, Korea.

- In Europe, sales increased 12% to $65.0 million in the third quarter and sales of $188.9 million in the year-to-date were equal to the prior year. On a constant-exchange-rate basis, sales rose 16% in the third quarter and 15% in the year-to-date, and comparable store sales increased 9% and 6% due to growth in most countries. During the quarter, the Company opened a boutique in Manchester, England.

- The Company operated 215 TIFFANY & CO. stores and boutiques at October 31, 2009 (90 in the Americas, 100 in Asia-Pacific and 25 in Europe), versus 204 locations a year ago (85 in the Americas, 96 in Asia-Pacific and 23 in Europe).

- Other sales declined 81% to $3.9 million in the third quarter and 75% to $12.8 million in the year-to-date. A reduction in the Company's purchases of rough diamonds in response to soft consumer demand for polished diamonds has led to reduced wholesale sales of rough diamonds. The Company sells rough diamonds that do not meet its requirements.

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Tiffany & Co

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