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With Sales Up 22%, Tiffany Steps Up Marketing

Luxury jeweler Tiffany & Co. says its first-quarter sales rose 22% to $633.6 million, with most regions and product categories showing gains. The better-than-forecast results pushed net earnings up 135% to $64.4 million. Overall, same-store sales increased 10%, and in the Americas, they rose 15%. (Sales at its New York flagship jumped 26%.)

"Our business performed exceptionally well in the first quarter, continuing the broad-based improvement we began to experience in the second half of 2009," chairman/CEO Michael J. Kowalski says in a release. "Sales growth was again achieved in most countries and product categories, as consumers around the world continued to turn authentic luxury brands with a legacy of excellence in design and craftsmanship."

The retailer increased its marketing spending increased in the quarter, and he says that as a result of the rosy results, "we are taking advantage of opportunities related to store expansion, new product introductions and expanded marketing communications in order to grow Tiffany's worldwide presence and market share."--Sarah Mahoney

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