Tiffany & Co. saw strong gains in sales and profits for fiscal 2014, although it admitted fourth-quarter results were mixed, and called U.S. demand “soft.”
Worldwide net sales for the full year climbed to $4.25 billion, a 5 percent increase (7 percent on a constant exchange basis). Worldwide comps rose 4 percent.
By contrast, in the fourth quarter, worldwide sales fell 1 percent, though they rose 3 percent on a constant exchange basis. Comps were flat.
Sales in the fourth quarter were hurt by a stronger U.S. dollar, management said, which meant “softness” in the United States due to fewer foreign tourists.
Net earnings for the year were $484 million, compared with $181 million the prior year.
“By now it should be clear that Tiffany is facing challenges from global economic uncertainties, especially from the effect of a strong U.S. dollar,” said Frederic Cumenal, president of Tiffany and incoming CEO, in a statement.
He said future plans include the opening of 12 to 14 new stores, and a new Tiffany CT-60 watch collection.