NEW YORK - Despite strong sales, Tiffany & Co. said Thursday that second-quarter earnings dropped because of a $6.6 million tax benefit in the previous year.
Results were also pulled down by softer sales in Japan as well as higher product costs. But the New York-based purveyor of fine jewelry and other luxury goods vowed that it would deliver a higher growth rate in the long term. Management said on a conference call with analysts that the company is on track to grow total square footage by 7 percent this year.
“Our ongoing plans for store openings and new product introductions sustain our confidence in Tiffany’s ability to achieve higher rates of growth over the long-term,” said Michael J. Kowalski, chairman and chief executive officer.
For the quarter ended July 31, net earnings fell to $41.1 million, or 29 cents a diluted share, from $50.5 million, or 35 cents, in the previous year on sales that climbed 9 percent to $574.9 million from $526.7 million.
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Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
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Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
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