Tiffany Annual Sales Up 11% to $2.648 Billion
March 26, 07Tiffany & 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
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