Tiffany Reports Rising Sales

August 18, 2004

Tiffany Reports Rising Sales

Tiffany & Co. reports sales rose 7.7% for the second quarter ended July 31, with a gain of 7.7% in same-store sales open at least a year. The rise was helped by foreign exchange rates.

Tiffany's U.S. retail sales rose 11% helped by growth at its New York City flagship and branch stores, with a boost from an increase in the average amount spent per transaction. Most international markets gained, though Japan's total retail sales fell 3% and same-store sales there tumbled 4%.

For the first six months of the year, sales rose 11% to $934 million from $838 million in the first half of 2003.

"These second-quarter results reflect better-than-expected sales performance in Tiffany's U.S. retail operations," said Michael J. Kowalski, Tiffany's chairman and CEO. "As anticipated, Japan results continued to suffer from weak silver jewelry sales. We are addressing that category with new products and targeted marketing."

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