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A window display at Tiffany’s Fifth Avenue flagship store inspired by The Great Gatsby
A window display at Tiffany’s Fifth Avenue flagship store inspired by The Great Gatsby

Tiffany sales boosted by Great Gatsby

Tiffany & Co has reported higher than expected worldwide sales for the first quarter, assisted by promotional activities surrounding its 175th anniversary and connection with The Great Gatsby film.  
Worldwide net sales for the period, ending 30 April, increased 9 per cent to US$895 million (A$935 million), with all regions experiencing gains. Net earnings increased by 3 per cent to US$84 million (A$87.7 million). 

Asia-Pacific’s total sales rose by 15 per cent to US$223 million (A$233 million). This was reportedly due to increased revenue in China as well as most other countries in the region. 

Total sales in the Americas increased by 6 per cent to US$408 million (A$426 million) and the company’s New York flagship store was said to have benefitted from purchases made by customers attending the Blue Book event that celebrated its 175th anniversary. 

Japan, Europe and the United Arab Emirates also recorded a rise in total sales.

Commenting on the results, Tiffany & Co chairman and CEO Michael Kowalski said, "We are pleased with this start to the year. Worldwide, first quarter sales exceeded our expectations, enabling us to improve our sales leverage on fixed expenses and achieve earnings growth. 

“In addition, we celebrated Tiffany's 175th anniversary with our very successful Blue Book event and promotional activities surrounding the debut of the film The Great Gatsby, for which we designed the jewellery."

He added that while first quarter results were pleasing, the company would not amend its earnings forecast for the full year due to continuing soft sales results in the Americas and a weaker yen. 

Kowalski said Tiffany & Co planned to open 14 new stores in 2013 and would also be launching a redesigned website later in the year. 

The company currently operates 275 stores in the Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates. 

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