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Tiffany & Co's sales is on the rise again
Tiffany & Co's sales is on the rise again

Tiffany & Co sales on the rise again

Tiffany & Co has increased its full-year forecast following a strong six months of trading, said to be supported by continued high demand for its jewellery in Australia and Greater China. 

After a robust first quarter, the Asia-Pacific region reported an increase in both total sales and comparable store sales in the second quarter, ended 31 July 2014. Total sales rose 14 per cent to US$237 million (AU$253.4 m) and comparable store sales were up by 7 per cent.

The New York-based company’s worldwide net sales increased by 7 per cent to US$993 million (AU$1.1 b) in the second quarter and 10 per cent to US$2 billion (AU$2.1 b) across the first half of the 2014 fiscal year.

Global comparable store sales increased by 3 per cent and 7 per cent, respectively, for these periods.

Tiffany chairman and CEO Michael Kowalski commented, “These healthy second quarter results reflected solid sales growth in our stores, particularly in the Americas and Asia-Pacific regions.

“We were also pleased with solid performance across most product categories, ranging from the success of perennial classics in fine, statement and engagement jewellery to our newest Atlas collection, and we are excited about the current debut of our new Tiffany T jewellery collection.”

On a regional basis, the Americas reported a sales increase of 9 per cent to US$484 million (AU$517.7 m) in the second quarter, with comparable store sales up 8 per cent.

Michael Kowalski, Tiffany & Co chairman and CEO
Michael Kowalski, Tiffany & Co chairman and CEO

While Europe’s sales increased by 8 per cent to US$120 million (AU$128.4 m), comparable store sales fell by 8 per cent, which was reportedly influenced by weak performance in the UK and most of continental Europe.

Japan was the only region where total sales declined in the second quarter. The region’s sales decreased by 13 per cent to US$119 million (AU$127.3 m) while its comparable store sales also fell by 13 per cent.

This was said to be due to the rise in Japan’s consumption tax introduced on 1 April, which resulted in customers making a significant amount of purchases in the first quarter ahead of the increase.

The combined total sales for the company’s other operating regions increased by 28 per cent to US$33 million (AU$35.3 m) – a result largely attributed to the opening of the first company-operated store in Russia.

As a result of its positive first half, Tiffany increased its net earnings forecast range from US$4.15–US$4.25 (AU$4.44–AU$4.55) per diluted share to US$4.20–US$4.30 (AU$4.50–AU$4.60) per diluted share.

The decision was said to be based on the assumption – amongst others – that across the entire fiscal year, it would open 10 stores and close three existing stores. This would include the opening of two outlets and closing of one store in the Asia-Pacific region.

Further to this, Kowalski announced he would be retiring from the company effective 31 March 2015 with current president Frederic Cumenal to take his place as CEO from 1 April.

More reading
Strong Aussie demand for Tiffany & Co
Tiffany & Co sales up in Asia-Pacific











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