Thursday, 26th February 2004 (6665 views)

Luxury jeweller Tiffany & Co has announced that quarterly profit rose 24 per cent during the quarter ended January 31st 2004, as demand remained strong in the industry.

The fine jewellery company claimed that the figures beat expectations and said that profits were boosted by sharp holiday sales in the US and gains in most international markets.

The luxury goods market in the US enjoyed its best holiday season in four years last year as the economy started to bounce back.

Tiffany said net income in the fourth quarter was $110.4 million, or 74 cents per share, compared with $89.3 million, or 60 cents, during the same period of 2002.

Tiffany's, which sells a full range of yellow and white gold jewellery, saw fourth-quarter net sales rise 18 per cent to $731.5 million.

Michael J Kowalski, Tiffany chairman and chief executive officer, said: 'We are pleased and encouraged to be concluding 2003 on a healthy note in most areas of our business. Tiffany has maintained its long-term commitment to selective expansion and offering extraordinary products. The benefits are clearly apparent.'

Tiffany said it expects 2004 earnings of $1.60 to $1.65 per share and the company forecast that same-store sales this year would rise in the high-single-digit range in the United States and in the low-single-digit range in Japan.

 

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