Tiffany Annual Sales Up 11% to $2.648 Billion

Tiffany & Co. (NYSE: TIF) reported net fiscal year sales rose 11 percent to $2.648 billion, while net earnings were flat at $253 million. In the fourth quarter, the luxury purveyor increased sales 15 percent to $986 million.

On a constant exchange rate basis, excluding costs of conversion of foreign currency sales into U.S. dollars, quarterly net sales rose 14 percent and worldwide comparable store sales rose 8 percent.

Net earnings of $140.5 million in the fourth quarter were approximately equal to 2005.

International retail sales achieved the greatest growth, rising 15 percent to $350.6 million in the fourth quarter, and 12 percent to $1.01 billion over the course of the year, despite weak results in Japan.

Tiffany chairman and CEO Michael J. Kowalski said he believes that Tiffany is well-positioned to achieve “solid sales and earnings growth.”

“Our objectives for 2007 include net sales growth of 11-12 percent; a high-single-digit percentage increase in U.S. and international comparable store sales,” Kowalski said. Other plans include opening 17 company-operated stores and boutiques and increasing earnings per diluted share by 15 percent.