DM Sales Help Tiffany Report Strong 4Q

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Luxury jeweler Tiffany & Co., New York, said this week that it expects fiscal fourth-quarter profits to surpass Wall Street estimates by more than 20 percent thanks to strong sales, including strong direct marketing efforts, during the holiday season.

"We estimate that net earnings for the fourth quarter ending Jan. 31 will be at least $1.08 per diluted share, vs. the current consensus of security analysts of 88 cents per diluted share," the company said.

Tiffany said worldwide net sales in the period Nov. 1 to Dec. 31 rose 28 percent from a year earlier.

Direct marketing sales grew 24 percent, mostly because of growth in Tiffany's corporate and catalog divisions. Internet sales, which began in November, also contributed to the overall gains.

U.S. retail sales were up 29 percent, with same-store sales up 27 percent. International retail sales rose 28 percent, with same-store sales in Japan up 13 percent in local currency.

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