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Tiffany Has Trouble Abroad

NEW YORK CITY-The jewelry giant struggles in Japan and Europe, but posts a strong, 11% same-store sales gain at home.

By Sean Ryan | Updated on May 16, 2005

NEW YORK CITY–Tiffany & Co. reported strong sales for its U.S. outlets in its chain of jewelry stores in its first quarter investors’ report, but a sales decline in foreign markets, especially Japan. Net sales are up 12% to $509.9 million for the quarter ending April 30, 2005, compared to $457 million of a year ago.

On a constant-exchange-rate basis, net sales rose a smaller 11%, and worldwide comparable store sales rose 4%. Net earnings increased 9% to $40.1 million, or 27 cents per diluted share, from $36.8 million, 25 cents per share.

U.S. retail sales increased 14% to $243.4 million, with most growth coming from the amount spent per transaction. “There was solid unit increases in engagement and other higher-price jewelry,” says vice president of investor relations Mark Aaron. “From a price stratification perspective, we were pleased to see sales and transaction growth in every price strata, with even a single digit increase in the entry-level strata below $500. However, the most meaningful growth was in diamond jewelry at higher price levels.”

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