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Total revenue in the Asia-Pacific region increased 17 per cent
Total revenue in the Asia-Pacific region increased 17 per cent

Tiffany & Co sales up in Asia-Pacific

Tiffany & Co has released its full year financial results, showing a strong performance by the company both worldwide and in the Asia-Pacific region.
The jeweller’s worldwide net sales increased by six per cent to US$4 billion (AU$4.3 b) for the year ended 31 January 2014, with total revenue in the Asia-Pacific market up 17 per cent to US$945 million (AU$1 b). Comparable store sales for the region increased by 11 per cent.

Tiffany chairman and CEO Michael Kowalski said he was pleased with the results and that sales and operating revenue for the period “rose to record levels”. This was largely attributed to increased sales in the company’s fine and statement jewellery sector as well as new and expanded ranges including the Atlas, Ziegfeld and Harmony collections.

It was noted, however, that the positive figures excluded US$473 million (AU$509 m) that the New York-based jeweller was ordered to pay to Swatch Group as a result of an arbitration ruling regarding a terminated watch collaboration. The charge resulted in a net loss of US$104 million (AU$112.4 m) in the fourth quarter.

Tiffany also expanded its distribution network during the period with the addition of 14 new stores. At the end of January 2014, the company operated 289 stores – 121 in the Americas, 72 in Asia-Pacific, 54 in Japan, 37 in Europe, and five in the United Arab Emirates – compared to the 275 stores operating the previous year. There are plans to open 13 stores in 2014.

Regional success
In the Americas, total sales rose five per cent to US$1.9 billion (AU$2 b), with comparable store sales increasing three per cent. This was said to be due to an increase in New York flagship store sales as well as a modest rise in branch store sales.

Although Tiffany’s Japanese business experienced a negative translation effect from a substantially weaker yen versus the US dollar, resulting in total sales declining nine per cent to US$579 million (AU$623.1 m), on a constant-exchange-rate basis, total sales increased 11 per cent in the full year, with a 10 per cent rise in comparable store sales.

In addition, total sales in Europe increased nine per cent to US$470 million (AU$505.8 m), with comparable store sales rising four per cent.

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