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Jewelry retailer Tiffany registers 6% rise in comp sales

11
Jan '06
Jewelry retailer stores Tiffany & Co reported that its net sales for the holiday period from November 1 - December 31 increased 6 percent to $712,024,000, compared with $673,823,000 a year ago.

On a constant-exchange-rate basis which excludes the translation effect from changes in foreign currencies versus the US dollar, net sales increased 9 percent and worldwide comparable store sales rose 6 percent (see attached 'Non-GAAP Measures' schedule), which fully met management's previously-announced expectations. These results are based on unaudited sales.

Sales by channel of distribution in the holiday period were as follows:

-- US Retail sales increased 8 percent to $386,021,000, due to an increase in the average amount per transaction.

Comparable store sales rose 6 percent, due to an 8 percent increase in branch store sales and a 1 percent decline in New York flagship store sales.

Four new stores opened in 2005 also contributed to sales growth and the Company now operates 59 TIFFANY & CO. stores in the US.

-- International Retail sales declined 1 percent to $240,863,000.

However, on a constant-exchange-rate basis, International Retail sales rose 8 percent, due to a 7 percent increase in total retail sales in Japan and growth in most other markets; on the same basis, international comparable store sales increased 6 percent, including 7 percent growth in Japan, 11 percent growth in other Asia-Pacific markets and Europe equal to the prior year.


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