Tiffany announced its worldwide comp sales were flat for the holiday months of November and December, although net sales increased 4 percent to $992 million.
“Holiday period sales growth was at the low-end of our expectations,” said Michael J. Kowalski, chairman and chief executive officer, in a statement. “We now expect net earnings for the year ending January 31st will be at the lower-end of [our] forecast.”
The company also noted:
- Sales in the Americas region increased 3 percent to $516 million in the holiday period. On a constant-exchange-rate basis, total sales increased 2 percent, and comparable-store sales declined 2 percent in the New York flagship store and in branch stores.
- Sales in the Asia-Pacific region increased 13 percent to $187 million. On a constant-exchange-rate basis, total sales increased 11 percent, due to growth in Greater China and other markets, and comparable store sales rose 7 percent.
- In Japan, total sales of $153 million were 5 percent below the prior year. However, on a constant-exchange-rate basis, both total sales and comparable store sales rose 1 percent.
- In Europe, sales increased 2 percent to $119 million. On a constant-exchange-rate basis, total sales also increased 2 percent and comps were flat.
- Other sales increased 114 percent to $17 million, largely reflecting the conversion in July of five Tiffany stores in the United Arab Emirates from independently-operated distribution to company-operated retail stores.