Tiffany & Co. announced that its worldwide sales for November and December increased 7 percent over the prior year—a number analysts nevertheless called disappointing.
The Americas region—which includes the United States, Canada, and Latin America—saw sales rise 4 percent to $503 million, with comp sales at its New York City flagship declining one percent. Higher sales to tourists were offset by weak U.S. consumer demand, the company said.
- Combined Internet and catalog sales in the Americas were 4 percent less than last year.
- Sales in the Asia-Pacific region increased 19 percent to $165 million. On a constant-exchange-rate basis, comparable store sales in the region increased 12 percent.
- Japanese sales increased 13 percent to $160 million. On a constant-exchange-rate basis, the country’s comp sales rose 6 percent.
- Sales in Europe increased 1 percent to $117 million, reflecting modest sales growth in Continental Europe and lower sales in the U.K.
“After achieving very strong and better-than-expected sales and earnings growth in the first three quarters of 2011, sales weakened markedly in the United States and Europe during the holiday season, reflecting restrained spending by consumers for fine jewelry,” Michael J. Kowalski, chairman and CEO, said in a statement.