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Magazine > Market Survey > News Content

Tiffany's Q2 same-store sales rise 5 percent

8/29/2010 3:53:25 PM

New York—Worldwide net sales rose 9 percent in the second quarter for Tiffany & Co. while same-store sales were up 5 percent, propelling the company into fall with a sense of "guarded optimism" and a new focus: its fresh collection of high-end handbags.

According to a news release issued Friday, for the three months ended July 31, Tiffany recorded worldwide net sales of $668.8 million, up from $612.5 million in the same period last year. For the first half of the year, worldwide net sales of $1.302 billion were 15 percent higher than the prior year period, and same-store sales were up 7 percent.

In the Americas, which includes the United States, Canada and Latin/South America, sales were up 8 percent to $350.4 million in the second quarter and 14 percent in the first half to $665.7 million. During the second-quarter, same-store sales rose 5 percent while first-half sales were up 10 percent. This includes an 8 percent increase in second-quarter sales and a 16 percent increase for the first half at Tiffany's New York City flagship store. It also includes increases of 4 and 8 percent, respectively, at U.S. branch stores.

Tiffany's Internet and catalog sales in the Americas declined 2 percent in the second quarter but rose 9 percent in the first half of the year.

In a news release, Tiffany & Co. Chairman and Chief Executive Officer Michael Kowalski credited the company's second-quarter results to its increased presence in markets outside the United States.

"Tiffany's financial performance in the quarter continued to demonstrate the benefits derived from a growing global presence, with roughly half of our sales now occurring outside the U.S," he said. "In the quarter, we were pleased that sales increased in most countries and product categories."

In the Asia-Pacific market, Tiffany saw sales increase 21 percent in the second quarter and 35 percent in the first half, with the largest growth in China, Hong Kong, Macau and Korea. Same-store sales were up 7 percent in the second quarter and 14 percent in the first half. In Europe, Tiffany's sales rose 14 percent in the second quarter and 19 percent in the first half. Same-stores sales were up 21 percent and 18 percent in the respective periods.

During the second half of fiscal 2010, Tiffany will be diverging from its fine jewelry roots to launch a line of luxury handbags--a category that has given jewelry some stiff competition in recent years—designed by Richard Lambertson and John Truex. Tiffany acquired the pair's high-end accessories brand, Lambertson Truex, in May 2009 and brought the designers on board to help it broaden its offering of leather accessories.

According to a story published by The Wall Street Journal on Thursday, each bag will include a touch of Tiffany's signature robin-egg blue shade. The totes will appear in a dozen U.S. stores starting Sept. 1, with prices ranging from $395 to $17,500.

"We look toward the second half of the year with a sense of guarded optimism, continuing to grow our worldwide store base and launching an exciting range of new products, including an extraordinary collection of jewelry with yellow diamonds and an enticing new collection of handbags and leather accessories, among many others," Kowalski said.

He added that so far in the third quarter, Tiffany's sales are growing at a low double-digit percentage rate over last year, with varying results by region.

Overall, the company forecasts an 11 percent increase in worldwide sales for fiscal 2010 (which ends Jan. 31, 2011). This includes increases of 10 percent in the Americas, a mid-20s percentage in Asia-Pacific and a mid-teens percentage in Europe. Sales in Japan are expected to decline by a low-single-digit percentage.

Tiffany plans to open 14 new stores this fiscal year, five in the Americas, seven in the Asia-Pacific region and two in Europe.

As of July 31, the company operated 223 Tiffany & Co. stores and boutiques (91 in the Americas, 57 in Japan, 48 in Asia-Pacific and 27 in Europe) versus 211 locations a year ago (88 in the Americas, 57 in Japan, 42 in Asia-Pacific and 24 in Europe).

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