Tiffany Q3 Sales Up 14%

(IDEX Online News) - Tiffany & Co. reported a 14 percent increase to $681.7 million in its worldwide net sales in the third quarter ended October 31. The sales increase and a higher operating margin contributed to a 27 percent increase in net earnings.

Net earnings increased 27 percent to $55.1 million versus $43.3 million last year.

Sales at stores in the Americas region, which includes the U.S., Canada and Latin/South America, increased 9 percent to $331.8 million. Comparable store sales increased 5 percent. Internet and catalog sales in the Americas increased 7 percent and 8 percent in the quarter and year-to-date.

Sales in Japan rose 12 percent to $130.8 million in the third quarter but comparable retail store sales declined 2 percent. Sales in Asia-Pacific increased 24 percent to $127.1 million while comparable store sales rose 11 percent. Sales in Europe increased 22 percent to $77.5 million.

“As third quarter results demonstrate once again, Tiffany's expanding, globally diversified store presence provides a significant platform to generate sustainable sales and earnings growth,” Chairman and CEO Michael J. Kowalski said.