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Tiffany Q2 net sales up 9%, clock $574.94 mn
Profit down 19 per cent to $41.14 mn
By: Diamond World News Service
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Sep 1 2006 12:00AM
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Reference: 660  

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US-BASED jewellery manufacturer and retailer Tiffany & Co. reported a 9.15 per cent increase in net sales to $574.94 mn for its fiscal second quarter ended July 31, driven by increases in the US and international comparable store sales, according to a recent report. Net earnings declined by 19 per cent to $41.14 mn, primarily due to a prior-year tax benefit that amounted to $6.6 mn, the company has declared. Earnings before income taxes declined 4 per cent.

In the first half of the year, net sales of $1.11 bn were 7 per cent higher than $1.03 bn a year ago. Net earnings, during the six months declined by 7 per cent to $84.28 mn, compared to the previous year’s earnings which included tax benefits of $8.1 mn. Earnings before income taxes increased 4 per cent.

US retail sales increased 8 per cent to $288.55 mn in the second quarter and 5 per cent to $549.13 million in the first half. Comparable store sales increased 5 per cent in the quarter and rose 2 per cent in the first half as a result of higher spending per transaction. International retail sales increased 10 per cent to $223.15 mn in the second quarter and 12 per cent to $438.31 mn in the first half. On a constant-exchange-rate basis, sales in Japan rose 6 per cent.

Direct marketing sales increased 18 per cent to $35.74 mn in the second quarter and 11 per cent to $65.69 mn in the first half, due to growth in the number of orders and in the average amount spent per order. Other sales in the second quarter increased 4 per cent to $27.48 mn and sales of $61.02 mn in the first half were equal to the prior year. Sales of its Caribbean jewellery chain Little Switzerland rose 10 per cent and 3 per cent in the respective periods. Tiffany said that it continues to expand its Iridesse stores, which focus on pearl jewellery.

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