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Tiffany posted a five per cent sales increase in Asia-Pacific for the Christmas trading period
Tiffany posted a five per cent sales increase in Asia-Pacific for the Christmas trading period

Festive season sales rise for Tiffany

As the calendar year wound to a close, Tiffany & Co announced a strong end to 2013 with figures for November and December indicating a positive festive season for its operating regions, including Asia-Pacific.

The New York-based jeweller posted a five per cent increase to US$196 million (AU$222 m) in Asia-Pacific region sales for the period, with worldwide net sales up four per cent to US$1.3 billion (AU$1.47 b).

Sales in the two months ending 31 December 2013 can account for a third of annual sales and almost half of profit for the retailer, with Tiffany chairman and CEO, Michael Kowalski, saying he was pleased with the results.
"Tiffany enjoyed a good holiday season with overall sales results in line with our expectation. Based on these sales results and related margins, we expect that full year earnings before certain charges will meet the most recent forecast we provided in November."

Tiffany & Co chairman and CEO, Michael Kowalski
Tiffany & Co chairman and CEO, Michael Kowalski
As previously reported by Jeweller, the retailer increased its full-year forecast after achieving a 50 per cent rise in net earnings for the third quarter, ended 31 October. 

Kowalski added that growth in its fine and statement, engagement and fashion jewellery categories were key factors in the overall figures for November and December. 

Industry analysts said they are keen to see if this growth continues into 2014 or whether it is a matter of festive season revival. 

As a result of these numbers, Tiffany has maintained its full year profit forecast of $3.65 to $3.75 per share.

Region breakdown
Sales in the Asia-Pacific region increased five per cent to US$196 million (AU$222 m) after currency fluctuations, or a direct eight per cent rise in total sales excluding currency fluctuations.

Total sales in the Americas region rose six per cent to US$550 million (AU$623.3 m). 

In Europe, sales rose 11 per cent to US$131 million (AU$148.4 m) due to increased sales in the United Kingdom as well as most of continental Europe.

At 31 December 2013, Tiffany was operating 286 stores across the Americas, Asia-Pacific, Japan, Europe and United Arab Emirates; an addition of 12 stores from the previous year.

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Wednesday, 11 December, 2019 11:34am
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