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Magazine > Market Survey > News Content

Tiffany meets 1Q views, but sales plummet

6/2/2009 3:31:38 PM

New York--Net sales at Tiffany and Co. dropped 22 percent to $523.1 million for the first quarter ended April 30, the company announced on Friday.

On a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales declined 18 percent, with a 21 percent decline in same-store sales.

According to the company, these financial results were consistent with management's expectations for the quarter.

In the Americas, overall first-quarter sales decreased 31 percent to $259 million, while same-store U.S. sales dropped 34 percent, which included a 32 percent drop in comparable branch store sales and a 42 percent drop in New York flagship store sales. Combined Internet and catalog sales in the United States decreased 17 percent.

In the Asia-Pacific region, first-quarter sales declined 9 percent to $201.4 million. On a constant-exchange-rate basis, sales declined 7 percent and same-store sales declined 9 percent.

In Europe, sales of $55.6 million were 8 percent below the prior year. On a constant-exchange-rate basis, sales increased 18 percent largely due to incremental sales from new stores opened in the prior year. Same-store sales increased 3 percent.

Other sales decreased 43 percent to $7 million in the first quarter due to reduced wholesale sales of diamonds partly offset by higher sales in soon-to-be-closed Iridesse stores, according to the company.

Looking ahead, Tiffany Chairman and CEO Michael J. Kowalski said that despite reduced consumer demand in the luxury sector, the retail jeweler is, and is projected to remain, "solidly profitable and will generate substantial cash from operations."

"We remain confident about the continued effectiveness of our fundamental growth strategies, and in their ability to generate superior financial returns when economic conditions improve," Kowalski said.

Kowalski added that, as expected, Tiffany is seeing a lessening in the rate of year-over-year total sales declines and reaffirms its full-year expectations, including "a worldwide sales decline of approximately 11 percent, including a mid-teens percentage in the Americas (greater in the first half of the year), a mid-single-digit percentage in the Asia-Pacific region, a high-single-digit percentage in Europe and a 20 percent decline in other sales."

The company operated 209 Tiffany and Co. stores and boutiques at the end of the first quarter (88 in the Americas, 97 in the Asia-Pacific region and 24 in Europe), versus 192 locations a year ago (81 in the Americas, 93 in the Asia-Pacific region and 18 in Europe).

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