Tiffany sales slip 3 percent in Q3-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Tiffany sales slip 3 percent in Q3

11/26/2009 7:59:22 PM

New York--Tiffany and Co. released its quarterly financials Wednesday, indicating a sales drop of 3 percent from the previous year, but executives said the numbers beat expectations, and that U.S. sales declines are slowing.

Net sales for the third quarter totaled $598.2 million for the quarter, which would have been a 5 percent drop in sales, and a 6 percent drop in same-store sales if exchange rates were held constant.

"We were pleased to see that the rate of sales declines in the U.S. lessened as the quarter progressed," Tiffany Chairman and Chief Executive Officer Michael Kowalski said in a statement issued Wednesday. "At the same time, many countries in Asia-Pacific and Europe achieved considerably better-than-expected sales. These results, combined with ongoing expense restraint, contributed to earnings above our prior expectation."

In the nine month, year-to-date period that ended Oct. 31, 2009, net sales of $1.728 billion were 14 percent below the prior year. If exchange rates were held constant, net sales and comparable store sales would have fell 13 percent and 15 percent respectively.

Gross margin (gross profit as a percentage of net sales) totaled 54.8 percent in the third quarter and 55.2 percent in the year-to-date, compared with 56.3 percent in the previous year's third quarter and 57.1 percent in the prior year's year-to-date financials. Tiffany blamed the declines primarily on "higher product costs."

In the Americas, sales of $303.5 million in the third quarter and $887.4 million in the year-to-date were, respectively, 9 percent and 21 percent below prior year levels.

Comparable U.S. store sales declined 10 percent in the third quarter (but fell only 5 percent in the month of October) and 25 percent in the year-to-date. Sales in the New York flagship store declined 8 percent for the quarter and 27 percent year to date, while comparable U.S. branch store sales declined 11 percent for the quarter and 24 percent for the year to date. During the quarter, the company opened stores in Roseville, Calif., and Seattle.

Combined Internet and catalog sales in the U.S. market declined 9 percent in the quarter and 11 percent year-to-date, the release said.

In global markets outside the Americas, Tiffany's fared better.

In Europe, sales increased 12 percent to $65 million in the third quarter and sales of $188.9 million in the year-to-date were equal to the prior year.

In the Asia-Pacific region, sales increased 10 percent to $225.8 million in the third quarter due to improved results in most countries, the release said. Sales of $639.2 million in the year-to-date were equal to last year.

"We believe that Tiffany has performed remarkably well despite the dramatic downturn in consumer spending," Kowalski said. "We have continued to invest in the business and have not compromised any of our brand principles. At the same time, we have taken the steps necessary to ensure healthy levels of profitability and liquidity."

He added that the company is confident in the "long-term growth potential of Tiffany," driven by new store, market and product opportunities in competitive environment.

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