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Tiffany & Co. earns 18% net profit increase
Tokyo property to deliver pretax benefits
By: Diamond World News Service
Aug 31 2007 12:00AM
Reference: 897  


Tiffany & Co. has earned a 41 percent increase in its net earnings during the its second quarter ending July 31. Net sales also scaled up by 19 percent to $662.5 million during this period, while recording an 18 percent growth ($1.258 billion) for the first six months ending July 31. On a constant-exchange-rate basis, net sales rose 17 percent, and worldwide comparable store sales rose 11 percent.

Tiffany’s comparable store sales increased by 7 percent globally, while in the U.S. alone it increased by 17 percent.

The company’s intent to sell its Tokyo flagship store is expected to earn it a pretax gain of approximately $104 million. Tiffany also recorded an after-tax charge of $23.5 million, or $0.17 per diluted share, related to the pending sale of its Little Switzerland business.

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