Tiffany Q1 Sales Up 14 Percent, Net Earnings Rise 10 Percent

Tiffany & Co. today reports that its sales in the first quarter rose 14 percent due to growth in U.S. and international markets and net earnings grow 10 percent, in line with the company's expectations.

On a constant-exchange-rate basis that excludes the effect of translating local-currency-denominated sales into U.S. dollars, net sales rose 10 percent and comparable worldwide store sales rose 0.4 percent. 

During the quarter ended April 30, 2003, net sales increased 14 percent to $395,839,000, compared with $347,129,000 in the prior year. Net earnings rose 10 percent to $35,863,000, or 24 cents per diluted share, compared with $32,709,000, or 22 cents per diluted share, a year ago. 

"We view these results as confirmation that, despite external challenges during the quarter, Tiffany's consistent focus on its proven, long-term growth strategies is sound." says Tiffany’s chairman and CEO, Michael J. Kowalski.