Flagging sales in the U.S. and Europe, due in part to increasing expenses and a pullback in spending during holiday, gave Tiffany & Co. its first decline in quarterly net income since the third quarter of 2009.
Despite reporting a 1.6 percent dip in fourth-quarter income Tuesday, Tiffany remained bullish, forecasting stronger-than-expected profits and sales in 2012, as it fetes its 175th anniversary next year and continues its global expansion push. Even though Tiffany’s uncharacteristically modest results contrast with the broader strength in the luxury market, Wall Street was not dissuaded, as the jeweler’s stock jumped 6.7 percent to $73.27 at the end of trading. This could be attributed to the fact that the slip in net income was largely expected.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)