Home / Knowledge / News / Fashion / Iconic jeweller Tiffany reports marginal drop in sales in Q3
Iconic jeweller Tiffany reports marginal drop in sales in Q3
Nov '08
Tiffany & Co. today reported its results for the three-month period (third quarter) ended October 31, 2008. A one percent decline in worldwide sales reflected weakness in the U.S. offset by increased sales outside the U.S. Net earnings fell in comparison with the prior year, when a substantial gain was recorded on a sale and leaseback transaction.

Michael J. Kowalski, chairman and chief executive officer, said, "Customers have adjusted their spending in reaction to economic conditions and near-term uncertainties. Despite that, Tiffany maintained a high level of profitability in the third quarter and, in fact, net earnings per share rose 13% when excluding certain items from the prior year."

Net sales declined 1% to $618.2 million in the third quarter. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see attached "Non-GAAP Measures" schedule), worldwide net sales declined 2% and comparable store sales declined 7%.

In the nine-month period (year-to-date), net sales increased 7% to $2.0 billion. On a constant-exchange-rate basis, worldwide net sales rose 4% and comparable store sales declined 2%.

Net earnings from continuing operations in the third quarter were $43.8 million, or $0.35 per diluted share. In the prior year, net earnings from continuing operations of $103.1 million, or $0.74 per diluted share, included: (i) a pre-tax gain of $105.1 million, or $0.48 per diluted share after tax, which resulted from the Company's sale-leaseback of the building housing its Tokyo flagship store; and (ii) a $10 million contribution, or $0.04 per diluted share after tax, to The Tiffany & Co. Foundation. Excluding those prior-year-items, net earnings per share increased 13% (see attached "Non-GAAP Measures" schedule).

In the year-to-date, net earnings from continuing operations were $188.9 million, or $1.49 per diluted share, compared with $223.6 million, or $1.60 per diluted share, in the prior year. Excluding the items mentioned above, net earnings from continuing operations increased 27% over the comparable period in 2007. In 2007, discontinued operations included an after-tax charge of $22.6 million related to the sale of the Company's Little Switzerland business, as well as losses from those operations.

Tiffany & Co

Must ReadView All

Courtesy: Mikes Photos from Pexels

Apparel/Garments | On 17th Oct 2018

Bangladesh garment exports swell 14.66% in Q1 FY19

Readymade garment exports from Bangladesh increased by 14.66 per cent ...

Courtesy: WTO

Textiles | On 17th Oct 2018

WTO rejects Panama claim for $210-mn sanctions on Columbia

A World Trade Organisation (WTO) panel recently rejected Panama’s...

India ranks 147th in Oxfam world inequality index

Textiles | On 17th Oct 2018

India ranks 147th in Oxfam world inequality index

India has been ranked 147th among 157 countries in a new worldwide...

Interviews View All

Nitin Bhatia, Trend Arrest

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Manuele Baggini,

Manuele Baggini

Comec Italia Srl is a world leader in the production of printing machines. ...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Ashok Desai, Bombay Textile Research Association

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson, TissueGen

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Robert Brunner, Devereux

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Advanced Search