U.S. based jeweller Tiffany&Co said confirmed this week its businesses posted increases in fiscal fourth-quarter sales, although the company’s overall top line underperformed Wall Street expectations. Tiffany has reduced losses from $186m to $103m.
The luxury-jewelry brand’s results for the most recent quarter reflected its relative continuing strength amid a generally weak retail environment. In January, Tiffany said its holiday sales rose 4% on growth in all its regions, while other retailers saw tepid results. Overall, same-store sales rose 6%, excluding currency impacts, for the quarter.
Looking ahead, the company said it expects net sales to rise by high-single-digit percentage during the new fiscal year, reflecting sales growth in all of the company’s regions. For the quarter ended Jan. 31, Tiffany posted a loss of $103.6 million, or 81 cents a share, compared with a profit of $179.6 million, or $1.40 a share, a year earlier.
Despite the uncertain context, Tiffany&Co will open 13 new stores in 2014: 4 stores in the U.S., 5 in Asia Pacific, 2 in Japan and 3 in Europe, of which one in Moscow and one in Paris on Champs Elyssees, its largest flagship store outside the U.S.
Tiffany & Co store, Moscow
More from NEWS
Rosewood Hotel Group properties may be put up for sale by owner Hong Kong tycoon Henry Cheng Kar-shun
Chow Tai Fook Enterprises, the private equity arm of Hong Kong tycoon Henry Cheng Kar-shun, is exploring a partial sale of …
HERNO launches home collection ”Habita”
Herno launches home collection with the Habita line, aimed at "accompanying customers not only in the act of dressing, but …
CARTIER is the new Rolex of the Gen Z, thanks to Taylor Swift
When Taylor Swift announced her engagement to Travis Kelce, it wasn’t just the huge diamond ring that sent fans into …
