TIFFANY’S NET UP 32% FOR QUARTER
NEW YORK — Benefiting from the appetite for luxury products in the U.S and abroad, fourth-quarter profits at Tiffany & Co. grew 32 percent on a 17.3 percent rise in sales.
In the quarter ended Jan. 31, earnings rose to $25.5 million, or $1.55 a share, from $19.3 million, or $1.21. Sales gained 17.3 percent to $280.7 million from $239.3 million. U.S. sales grew 20 percent to $132.9 million, and same-store sales were up 11 percent. International sales increased 19 percent to $114.5 million.
Direct marketing, including corporate and catalog sales, rose 3 percent to $33.3 million.
The company noted that strong catalog sales offset the continuing softness in corporate sales. Gross margins as a percentage of sales increased to 54.5 percent from 53.4 percent.
In the year, profits climbed 33.7 percent to $39.2 million, or $2.43, from $29.3 million, or $1.85. Sales advanced 17.6 percent to $803.3 million from $682.8 million. Sales in the U.S. rose 18 percent to $364.2 million, and same-store sales moved up 12 percent.
— Fairchild News Service