Tiffany & Co. announced that sales for the first quarter of 2014 rose 13 percent, and net earnings grew a whopping 50 percent.
“This is an excellent and encouraging start to the year,” said Michael J. Kowalski, chairman and chief executive officer, in a statement. “Strength in fine and statement jewelry sales continued, while sales of our new or expanded jewelry collections accelerated, led by our ATLAS collection.”
Below are highlights of Tiffany’s balance sheet for the first quarter of 2014 (ended April 30).
World net sales: Up 13 percent to $1 billion
Net earnings: Up 50 percent to $126 million
Sales in Americas region: Up 8 percent to $439 million
Comps in Americas region: Up 8 percent
Sales in Asia-Pacific region: Up 17 percent to $261 million
Comps in Asia-Pacific region: Up 10 percent
Sales in Japan: Up 20 percent to $174 million
Comps in Japan: Up 30 percent
Sales in Europe: Up 9 percent to $101 million
Comps in Europe: Down 3 percent
Other sales: Up 39 percent to $37 million
Gross margin: 58.2 percent, compared with 56.2 percent last year