In the US, same-store sale rose 8% year over year during the period, which ended Oct. 31. Sales increased in various markets across the country, and the New York City flagship store posted a 25% gain, due to transactions with local customers and foreign tourist. The only stores to post a drop in sales in this division were in Hawaii and Guam.
Internationally, same-store sales increased 10%, including a 29% boom in the Asia-Pacific region and a 14% jump in Europe. Japan was the only non-US country that experienced a decline, falling 1%.
Overall, the company's sales were up 18% during the quarter, hitting $627.3 million. Net earnings rose 208%, to $100.4 million, due to the sale-leaseback of its Tokyo flagship store and overall operating results.
Tiffany has opened seven stores in the US in the last year, bringing it to 68 in this country, and 14 internationally, bringing it to 113 foreign units. The introduction next year of a 2,000-sf smaller format, called Tiffany Collections, could bring the company's total US portfolio eventually to 170 stores, up from the 100 previously anticipated, executives say.
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