Tiffany Sales, Profits Soar in “Excellent Start” to Year

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

 

 

JCK News Director