Tiffany Opening 21 Stores This Year

Tiffany & Co. will open 21 stores in 2011, a statement
issued March 21 said.

That will include eight stores in the Americas, five in
Europe, and eight in Asia-Pacific.

Overall, the company forecast worldwide sales growth this
year of 12 percent to 14 percent.

Speaking of events in Japan, where Tiffany has a heavy
presence, chairman and CEO Michael J. Kowalski forecast sales in that country would fall 15 percent in
the first quarter.

“We are saddened by the tragic events in Japan,” he
said in a statement. “Our thoughts are with our more than 700 Tiffany
colleagues and with all the people of Japan. Tiffany stores located in the
Kanto and Tohoku regions, which generate somewhat more than half of sales in
Japan, were closed or operating on reduced hours after the earthquake and
tsunami, with physical damage limited to a few stores. Most stores have
reopened over the past weekend. Our stores in the southwestern Kansai region
have remained open.”

Other highlights of Tiffany’s financial statement (for the
quarter ended Jan. 31):

  • 4Q: Worldwide sales: $1.1 billion, up 12%
  • 4Q: Worldwide comparable store sales: up 9%
  • 4Q: Sales in the Americas region: $577.1 million, up 10%
  • 4Q: Sales in the Americas region comparable store sales: up
    8%
  • 4Q: New York flagship store sales: up 2%
  • 4Q: Sales in Japan: $182.6 million, up 11%
  • 4Q: Sales in Asia-Pacific: $188.3 million, up 25%
  • 4Q: Sales in Europe: $137.9 million, up 14%
  • FY2010: Worldwide sales: $3.1 billion, up 14%
  • FY2010: Worldwide comparable store sales: up 8%
  • FY2010: Sales in the Americas region: $1.575 billion, up
    112%
  • FY2010: Sales in the Americas region comparable store sales:
    up 8%
  • FY2010: New York flagship store sales: up 6%
  • FY2010: Sales in Japan: $546.5 million, up 7%
  • FY2010: Sales in Asia-Pacific: $549.2 million, up 29%
  • FY2010: Sales in Europe: $360.8 million, up 18%

Tiffany opened nine stores in the fourth quarter of 2010,
and opened 15 in the full year. It now operates 233 stores worldwide.

For more information on Tiffany’s financial statement, click
here.

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