Tiffany Q2 Net Sales Up 2%

(IDEX Online News) – Business was stable in the second quarter for Tiffany & Co. At $887 million, worldwide sales rose 2 percent over the previous year (3 percent on a constant-exchange-rate basis). Net earnings likewise rose 2 percent to $92 million versus $90 million in the second quarter of 2011. The company said the results were in line with its expectations.

For the first half of the year, ended July 31, worldwide net sales increased 4 percent to $1.7 billion. On a constant-exchange-rate basis, worldwide net sales and comparable store sales rose 5 percent and 1 percent respectively. The company’s net earnings increased 1 percent to $173 million.

The best performing market in both the second quarter and the first half of the year was Japan, which saw an increase in sales to $159 million in the second quarter and 13 percent to $300 million in the first half.

“We think it is only prudent to maintain a cautious near-term outlook about global economic conditions and the effects on customer spending, with year-over-year growth comparisons in the next few months also being pressured by the strong increases we experienced last year,” said Tiffany chairman and CEO Michael J. Kowalski.

“At the same time, we are determined to further strengthen Tiffany’s competitive position by expanding our store and customer base and introducing enticing new designs, all intended to generate solid long-term financial performance.”