Tiffany & Co. said Thursday that it is expanding in Japan with boutiques in Tokyo’s Matsuzakaya Ginza and Fukuoka’s Hakata Daimaru department stores opening on March 1.
Michael Christ, president of Tiffany & Co. Japan, said in a statement that “both locations offer greater convenience to our established clientele, and give us the opportunity to expand our presence” in the market.
The new boutiques will bring the total number of Tiffany’s Japan locations to 56.
In the company’s most recent quarterly-results report, earnings soared to $98.9 million, or 72 cents a diluted share, from $29.1 million, or 23 cents in the prior year on sales that gained 18 percent to $627.3 million. International retail sales jumped 22 percent to $270.8 million, and on a constant-exchange-rate basis, sales rose 18 percent.
Same-store sales at Tiffany’s U.S. stores fell by 2 percent during the holiday season, a bigger drop than the company had predicted.
During the quarter, Tiffany said it opened six locations, including Nagoya Japan, Macau, Malaysia, Hong Kong, London and Mexico City, bringing its total number of international stores and boutiques to 113 — which does not include the two department store boutiques announced Thursday.
At the bell, shares of the company inched up 0.5 percent to close at $37.18.
The firm also announced that its board “extended the expiration of its current stock repurchase program and authorized the additional repurchase of up to $500 million of common stock. This increase will enable the Company to repurchase up to $637 million of its common stock through January 31, 2011.”
On Wednesday, billionaire investor Nelson Peltz increased his stake in Tiffany’s to 7.9 percent, according to an SEC filing.