Tiffany & Co. has announced its financial results for the second quarter of the current year. It has noted a 16 percent decline in net sales to $612.5 million, and 26 percent drop in net earning to $56.7 million or 46 cents per share. Its comparable store sales dipped 17 percent.

In a region-wise analysis, the company noted a fairly lowere decline in sales in its Asia Pacific markets as compared to Americas and U.S. markets. Across the Americas, sales were down by 23 percent to $325 million and comparable store sales dipped 27 percent. Sales in U.S. decreased 25 percent and same-store sales by 27 percent. The Tiffany New York flagship store saw a 30 percent drop in sales. In Asia-Pacific, sales declined by 1 percent to $212 million, and comparable store sales by 2 percent. Comparing sales at a constant exchange rate, the Asia Pacific region sales dropped 3 percent. Sales in Europe were down by 4 percent to $68.3 million, and comparable store sales by 10 percent. On a constant exchange rate basis, sales in Europe increased by 13 percent and same-store sales by 5 percent.

Net sales for Tiffany's first half, which ended July 31, 2009, fell 19 percent to $1.13 billion and its comparable store sales declined 18 percent. The company's net earnings fell 44 percent to $81.1 million.

The company noted that despite the economic slowdown most of its stores achieving either smaller year-over-year rates of sales decreases or increase in sales as compared to the last two quarters. It is indulging in a slow paced store expansion and concentrating on new product launches including the KEYS jewellery collection, while improving cost structure.