Tiffany & Co. has projected a 10% global sales for the fiscal beginning February 1, 2008, and will launch another 15-20 boutiques worldwide. It is expecting a high-single-digit percentage increase in US retail sales during the year, and a low-single-digit increase in comparable store sales. Michael J. Kowalski, the chairman and chief executive officer, said, “Our US sales results for the month of January were modestly improved from December and we are seeing ongoing strength in Asia-Pacific outside Japan and in Europe”. Tiffany will launch six new stores in the US this fiscal. He said, “Generally speaking, we are planning our U.S. businesses cautiously for the first half of 2008, while planning for continued healthy international sales growth throughout the year.”
Tiffany has estimated an increase in its retail sales amongst the mid-teen consumer group and a mid-single-digit increase in comparable store sales. According to Kowalski, “We believe our 2008 financial expectations appropriately reflect current macro-related challenges in the U.S. as well as the benefit of our global, geographical diversification which, combined with planned margin and expense levels, can generate low-double-digit net earnings per share growth for the year.” It is targeting a mid-single-digit percentage increase in net earnings and a low-double-digit increase in diluted earnings per share of around $2.50 to $2.55, overall.