Tiffany Earnings Dip 2.3% for Q4; Catalog, Internet Earnings Up

Share this content:
Tiffany & Co., New York, reported yesterday an earnings drop of 2.3 percent for the fiscal fourth quarter, according to reports.


The company recorded earnings of $82.74 million in the three months ended Jan. 31 compared with $84.67 million a year earlier. The results included a pretax impairment charge of $7.8 million related to its investment in a third-party Internet retailer.


Excluding the charge, net earnings for the quarter would have been $87.42 million.


Tiffany's direct marketing business rose 2 percent to $61.4 million in the fourth quarter and 3 percent to $160.7 million for the year. Combined catalog and Internet sales skyrocketed 30 percent in the quarter and 23 percent during the year.


Quarterly sales fell 2 percent to $565.7 million from $576.4 million in the year-ago period.


Tiffany recorded net earnings for the year of $173.6 million, down from $190.6 million a year ago. Sales amounted to $1.6 billion, down from $1.66 billion last year.


On a constant-exchange rate basis, which excludes the effect of translating local currency sales into dollars, worldwide net sales increased 2 percent in the fourth quarter and rose fractionally for 2001. Worldwide same-store sales fell 2 percent in the quarter and 4 percent for the year.


U.S. retail sales dropped 1 percent to $289.5 million in the fourth quarter and fell 6 percent to $786.8 million for the year. Same-store sales dropped 3 percent in the fourth quarter and 8 percent for the year. International retail sales totaled $214.8 million in the fourth quarter, down 4 percent from the previous year, while sales during the year amounted to $659 million, down 3 percent. On a constant-exchange rate basis, international sales increased 5 percent in the quarter and gained 7 percent during the year.


close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above