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Thursday, 26th February 2004 (7980 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.<BR/><BR/>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. <BR/><BR/>The luxury goods market in the US enjoyed its best holiday season in four years last year as the economy started to bounce back.<BR/><BR/>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. <BR/><BR/>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. <BR/><BR/>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.'<BR/><BR/>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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