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FinancialsMar 22, 2015
‘Softness’ in U.S. leads to flat Q4 for Tiffany
A weak U.S. market brought down Tiffany’s fourth quarter same-store sales, though strong performances in the prior quarters boosted comps for the fiscal year.
New York--Though a weak U.S. market contributed to the decline of comps in the Americas for Tiffany & Co. in the fourth quarter, strong performances in the prior quarters ultimately boosted same-store sales for the fiscal year.
The New York-based retailer said Friday that both comps and net sales in the Americas were flat in the quarter ended Jan. 31, which the company attributed to the strength of the U.S. dollar having a negative effect on spending by foreign tourists.
Global comps also fell flat in the fourth quarter, while net sales across all markets were up 3 percent to $1.29 billion. This was led by growth in Europe and Asia-Pacific, with the largest growth coming from the fashion jewelry category, the retailer said.
For the full fiscal year, Tiffany reported that same-store sales in the Americas increased 6 percent year-over-year. Net sales also were up 6 percent in the 12-month period.
On a global basis, comps in 2014 increased 4 percent, while net sales rose 7 percent to hit $4.25 billion due to sales growth across all regions and product categories, Tiffany said.
In 2014, the retailer opened eight but closed two company-operated stores. As of Jan. 31, Tiffany operated 295 stores--122 in the Americas, 73 in Asia-Pacific, 56 in Japan, 38 in Europe, five in the United Arab Emirates and one in Russia.
This is compared with 289 stores a year ago, 121 of which were in the Americas.
“By now it should be clear that Tiffany is facing challenges from global economic uncertainties, especially from the effect of a strong U.S. dollar on the translation of foreign-denominated sales into dollars and on foreign tourist spending in the U.S.,” said Tiffany’s President Frederic Cumenal.
“As a result, we have adopted a cautious approach in our planning for the coming year, anticipating modest growth in net sales and minimal net earnings growth for the full year; this assumes pressure on sales and earnings in the first half of the year followed by healthy growth in the second half.”
Over the next year, Tiffany said that it plans to add a net of 12 to 15 new company-operated stores across most regions and will introduce new jewelry and watch designs, including the new CT-60 watch collection that will roll out next month.
In its outlook for 2015, the company said global net sales are expected to
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decrease by approximately 10 percent, with continued softness in the Americas.
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