Tiffany & Co announces strong Q2 sales and profit growth
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Tiffany & Co. today announced a 16% rise in profits for the second quarter of this year, chalking up $124m (£74.75m) in earnings after tax.
The firm said the performance was due to a 7% increase in worldwide net sales (reaching $993m – £598.6m) and a higher gross margin. Management increased its earnings forecast for the current fiscal year by five cents per share.
Michael J. Kowalski, chairman and chief executive officer, said: “These healthy second quarter results reflected solid sales growth in our stores, particularly in the Americas and Asia-Pacific regions. In addition, an improved gross margin was an important contributor to the earnings growth.
“We were also pleased with solid performance across most product categories, ranging from the success of perennial classics in fine, statement and engagement jewelry [sic] to our newest ATLAS collection, and we are excited about the current debut of our new TIFFANY T jewelry collection.”
In its statement, the firm said: “On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into US dollars…worldwide net sales increased 7% and comparable store sales increased 3% largely due to growth in the Americas and Asia-Pacific regions.”
