Tiffany's holiday season US comparable sales up 8 pct |
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Wed, 10 Jan 2007 13:39
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NEW YORK (AFX) - Tiffany & Co. released sales data for the holiday season Nov 1, 2006 to Dec. 31, with US comparable sales up 8 pct on a year earlier and international comparable sales up 6 pct.Sales at the jewellery retailer's flagship New York store were up 15 pct while US retail sales grew 12 pct. The company said strong growth in the US and most international markets resulted in net sales growing 15 pct to 818.1 mln usd.Tiffany's attributed the sales growth to increases both in the number of transactions and in the average amount spent per transaction. Five new US stores opened in 2006 which meaningfully contributed to sales growth.On a constant exchange rate basis, net sales rose 14 pct and worldwide comparable store sales increased 7 pct based on unaudited sales.Chairman and chief executive Michael J. Kowalski said: 'Based on these results and no meaningful change in sales or margin trends in the rest of the fiscal year ending Jan. 31, our full year expectation calls for 11-12 pct growth in earnings before income taxes and net earnings in a range of 1.82-1.85 usd per diluted share.'Based on the success of new stores and numerous opportunities, our plans for 2007 include accelerating the pace of Tiffany & Co. store openings to 5-7 in the US and 10 internationally...We are still engaged in our financial planning, but our preliminary expectation for 2007 calls for low-double-digit net sales growth and approximately 13-15 pct growth in earnings per diluted share. We will elaborate further when we report our full year 2006 results.'newsdesk@afxnews.comjoyCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Online shopping in U.S. rises 30% this holiday season, says study 