Tiffany Sees 17 Percent Hike In Holiday Sales

Published on 13/01/10

Worldwide sales at Tiffany and Co. rose 17 percent, prompting "extremely pleased" executives to predict that the luxury retailer will have a better than expected end to the fiscal year.

Net worldwide sales rose 17 percent to $799.1 million in the two-month holiday period ended Dec. 31, with all three geographic segments--the Americas, Asia-Pacific and Europe--contributing to the sales spike, Tiffany said in a financial release issued Tuesday. With exchange rates held constant, worldwide net sales and comparable store sales increased 13 percent and 8 percent, respectively.

"We are extremely pleased by these holiday sales results," Michael Kowalski, Tiffany's chairman and chief executive officer, said in the release. "Today more than ever, there is an appreciation of those brands that represent genuine, lasting value built upon a recognizable legacy of great design, superior craftsmanship and quality materials. This greatly benefits Tiffany."

Management now believes that net sales and earnings for the fiscal year ending Jan. 31 will exceed its previous expectations, the release said.