Tiffany & Co Records 6% Jump in Holiday Comparable Store Sales

(IDEX Online News) – Upscale U.S. jeweler Tiffany & Co posted a 6-percent rise in comparable store sales – stores open at least a year – during the holiday shopping period. The firm said sales were boosted by strong demand in the United States.

Tiffany reported an 8-percent jump in net sales rose in the vital November-December sales season that can account for around 30 percent of annual sales and almost half of profit.

Tiffany said its sales in the Americas, which accounts for nearly 50 percent of total revenue, increased by 6 percent in November-December to $550 million.

Meanwhile, in Asia, excluding Japan, its sales were 5 percent higher on the year at $196 million.

Tiffany’s sales in Japan dropped 12 percent to $135 million, as a result of the weaker yen. The firm reported though that same-store sales rose 10 percent.

Sales in the tepid European market jumped 11 percent to $131 million while comparable store sales edged up 3 percent.

Revenue for the period climbed 4 percent to $1.03 billion.

Tiffany & Co CEO Michael J. Kowalski said, “Tiffany enjoyed a good holiday season with overall sales results in line with our expectations, and we were pleased to see growth across our fine and statement, engagement and fashion jewelry categories. 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.”