Tiffany’s net sales up 5% in Q4

For the last quarter ending January 31, 2014, Tiffany & Co. noted a 5 percent increase in its worldwide net sales, which valued US$1.3 billion, reports say. The retail giant also culminated the term with a net loss worth US$104 million from a net earnings of US$180 million a year ago in the same quarter last year. This net loss was mainly affected due to an arbitration ruling between the company and Swatch Group in which Tiffany endured a net pretax charge of US$473 million. Had it not been for this charge, Tiffany would have clocked 5.5 percent increase in its net earnings to US$190 million, reports say.

In the year 2013, its global net sales rose 6 percent to US$4 billion and comparable store sales rose 6 percent. There was a 56 percent drop in net earnings to US$181 million, which were affected owing to the suit charges and expenses worth US$9 million. Barring these expenses, the company would have touched net earnings worth US$481 million rising 15 percent, reports suggest. The company noted to remain optimistic about its performance in the year and the last quarter.