Tiffany & Co. net sales for the third quarter totaled $821.8 million, a 21 percent increase over last year. The company’s net earnings rose to 63 percent to $89.7 million.
“Increased sales in all regions contributed to the continuation of strong worldwide sales growth in the third quarter,” Michael J. Kowalski, chairman and chief executive officer, said in a statement. “We were also pleased to achieve an improved operating margin by leveraging the sales growth against fixed costs.”
Other highlights from Tiffany’s third quarter financial statement (ended Oct. 31):
- Comparable store sales: up 16 percent
- New York City flagship sales: up 24 percent
- The Americas region sales: $387.7 million, up 17 percent
- The Asia-Pacific region sales: $183.2 million, up 44 percent
- Japan sales: $146.4 million, up 12 percent
- Europe sales: $92.5 million, up 19 percent
- Year-to-date net sales: $2.5 billion, up 24 percent
- Year-to-date comparable store sales: up 18 percent
Tiffany also opened 18 stores in the past 12 months. The company is looking to add 14 stores worldwide by the end of the full fiscal year ending Jan. 31.