Christmas sales buoy Tiffany
Posted January 18, 2011 | By Sonia Nair
Asia Pacific was Tiffany & Co's best performing market in the two-month period to December 31, with sales rocketing 23 per cent to $US138.9 million.
The positive Asia Pacific result corresponded with worldwide increases in net sales. In Europe sales increased by 13 per cent, sales in Japan increased by 11 per cent and sales in the Americas region increased by 9 per cent.
Worldwide net sales increased by 11 per cent to $US888.5 million during the period.
Tiffany & Co chairman and chief executive Michael J Kowalski said, “We are very pleased with this worldwide sales growth, and with the increases we saw in every region in both months of the holiday period.”
Kowalski said Tiffany’s fine jewellery collections, diamond engagement rings and fashion gold jewellery performed admirably compared to silver jewellery, which only experienced limited growth in sales.
Tiffany has increased its earnings outlook for the financial year that ends on January 31 this year, on the back of the recent sales success.
“Based on these better than expected results, Tiffany is on track to achieve record sales and earnings (excluding non-recurring items) in the fiscal year ending January 31, 2011,” Kowalski said.
He said Tiffany is now forecasting net sales of almost $US3.1 billion.
Tiffany has five stores in Australia.
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