“Tiffany Raises Outlook on 11% Holiday Sales Gain” |
| Tiffany Raises Outlook on 11% Holiday Sales Gain Posted: 11 Jan 2011 05:21 AM PST Tiffany & Co. (TIF) revealed an 11% gain in sales for the two-months ended Dec. 31, leading the jeweler to raise its full-year outlook. The New York-based retailer said the holiday results were higher than it expected, with worldwide sales hitting $888.5 million, helped by an 8% improvement in comparable store sales. Sales were led in its Americas region, up 9% to $484.8 million, including a 3% rise at Tiffany's flagship store on Manhattan's Fifth Avenue. Revenue also surged in its Japanese region, where results have languished in recent quarters, up 11% to $142.5 million. Tiffany's Asia-Pacific region gained 23% to $138.9 million, while European sales climbed 13% to $114.9 million. The improvements helped to offset a 45% decline in other sales, which fell to $7.4 million due primarily to an expected decrease in wholesales sales of rough diamonds. Tiffany CEO Michael J. Kowalski said the company was very pleased with the improvement in worldwide sales, lifted by healthy sales of Tiffany's fine jewelry collections, diamond engagement rings and fashion gold jewelry. Based on what Kowalski called better-than-expected results, the jeweler said it is on track to achieve record sales and earnings in the fiscal year ending Jan. 31, now expecting full-year sales of roughly $3.1 billion. Tiffany anticipates earnings of in the range of $2.83 to $2.88 a share, higher than its November forecast of $2.72 to $2.77 a share. The company will report the results in full on March 21.
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