May 20, 1999
Tiffany's First Quarter Sales Up 20%
Tiffany & Co. reported a 20% increase in net sales during the first quarter of 1999 compared to the same period last year. Sales were $272 million. Net earnings also increased 45% over the first quarter of 1998.
The results were due to sales growth in Tiffany's three channels of distribution. U.S. retail sales increased 22% over the same period last year, reflecting strong sales in the New York City flagship store, branch locations and the several new stores that opened in the past year, the company says in a release. International sales also were 22% higher than first quarter 1998, with a 16% increase in Japan and a pickup in sales in other Asian countries. Direct marketing sales, including corporate and catalog sales, increased 7% over last year's first quarter.
Michael Kowalski, president and CEO of Tiffany & Co., attributed the continued sales growth to the retailer's expansion into new markets, where he says Tiffany's presence helps raise awareness among more customers.
- by Stacey King