Tiffany Sales, Profits Soar

Highlights of Tiffany’s first quarter financial
statement (ended April 30):

  • Worldwide sales: $761 million, up 20 percent
  • Worldwide comparable store sales: up 15 percent
  • Net earnings:   $81.1 million, up 26 percent
  • Sales in the Americas region: $374.7 million, up 19
    percent
  • Sales in the Americas region comparable store
    sales: up 17 percent
  • New York flagship store sales: up 23 percent
  • Sales in Japan: $123.4 million, up 7 percent
  • Sales in Asia-Pacific: $167.2 million, up 37
    percent
  • Sales in Europe: $85.6 million, up 25 percent

Tiffany also increased its full year earnings
outlook. Michael J. Kowalski, Tiffany chairman and CEO, announced that the
company will be opening 19 new stores in 2011.

In a conference call following the release of the
financial results, vice president of investor relations Mark Aaron called U.S. sales growth “solid coast to coast”
and said that the five new stores it had opened in the Americas were “performing
well.”

“There was also a decent
growth in silver jewelry sales for Tiffany’s own designs, and we were pleased
to see some growth in silver jewelry sales in the Americas as well,” he added.
“Sales of the design of Elsa Peretti and Paloma Picasso rose nicely too. But
the U.S. economic environment that is affecting spending by some of our silver
jewelry customers at entry-level price points will likely remain challenging
for a while.

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

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