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Tiffany Reports Holiday Period Sales Results

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Tiffany Reports Holiday Period Sales Results
TIFFANY & CO.
January 10, 2014 7:30 AM
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tiffany tiffany outlet NEW YORK--(BUSINESS WIRE)--
tiffany jewelry outlet
Tiffany & Co. ( TIF ) today reported that its worldwide net sales in
the two-months ended December 31 st rose 4% to $1.03 billion.
On a constant-exchange-rate basis that excludes the effect of
translating foreign-currency-denominated sales into U.S. dollars (see
“Non-GAAP Measures”), worldwide net sales increased 8% due to growth in
all regions, and comparable store sales increased 6%. In addition,
management commented on its financial outlook.

tiffany jewelry outlet
Michael J. Kowalski, chairman and chief executive officer, said,
“Tiffany enjoyed a good holiday season with overall sales results in
line with our expectation, and we were pleased to see growth across our
fine and statement, engagement and fashion jewelry categories. Based on
these sales results and related margins, we expect that full year
earnings before certain charges (see “Financial Outlook” below) will
meet the most recent forecast we provided in November.”

tiffany silver
Net sales highlights were as follows:

Total sales in the Americas region rose 6% to $550 million. On a
constant-exchange-rate basis, total sales increased 7% and comparable
store sales rose 7% due to broad-based sales growth across most of the
region.
Total sales in the Asia-Pacific region increased 5% to $196 million.
On a constant-exchange-rate basis, total sales rose 8%, while
comparable store sales were unchanged from the prior year as higher
sales in Greater China were offset by declines in certain other
markets.
Tiffany’s business in Japan performed well in the holiday period.
While total sales declined 12% to $135 million due to the negative
translation effect from a weaker yen versus the U.S. dollar, total
sales on a constant-exchange-rate basis increased 9% and comparable
store sales rose 10%.
Total sales in Europe rose 11% to $131 million. On a
constant-exchange-rate basis, total sales increased 8% and comparable
store sales rose 3%, due to increased sales in the United Kingdom as
well as most of continental Europe.
Other sales increased 22% to $21 million in dollars and on a
constant-exchange-rate basis, and comparable store sales of five
TIFFANY & CO. stores in the United Arab Emirates increased 16%.
At December 31, 2013, Tiffany operated 286 stores (121 in the
Americas, 69 in Asia-Pacific, 54 in Japan, 37 in Europe and five in
the U.A.E.), versus 274 stores (115 in the Americas, 65 in
Asia-Pacific, 55 in Japan, 34 in Europe and five in the U.A.E.) last
year.
tiffany
Financial Outlook:


For fiscal 2013 ending January 31, 2014, management is forecasting net
earnings (before certain charges) in a range of $3.65-$3.75 per diluted
share, unchanged from its previous forecast, and compared with $3.25 per
diluted share in 2012. This forecast excludes an after-tax charge to be
recorded in the quarter ending January 31 st of approximately
$300 million, or $2.33 per diluted share, related to an adverse
arbitration ruling (see the Company’s news release issued on December
22, 2013: “Award Issued in Arbitration Between The Swatch Group Ltd. and
Tiffany & Co.”). This forecast also excludes $0.05 per diluted share of
expenses tied to specific cost-reduction initiatives that were recorded
in the first quarter. Including those charges, earnings per diluted
share as reported in accordance with GAAP are expected to be in a range
of $1.27-$1.37 for the year ending January 31, 2014. The Company will
provide its detailed plans for fiscal 2014 ending January 31, 2015 when
it reports its full year results.


Next Scheduled Announcement:


The Company expects to report its fourth quarter and full year results
on Friday March 21 st . To receive notifications of future
announcements, please register at http://investor.tiffany.com
(“E-Mail Alerts”).


Tiffany & Co. operates jewelry stores and manufactures products through
its subsidiary corporations. Its principal subsidiary is Tiffany and
Company. The Company operates TIFFANY & CO. retail stores in the
Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates, and
also engages in direct selling through Internet, catalog and business
gift operations. For more information, visit www.tiffany.com
or call the shareholder information line at 800-TIF-0110.


This document contains certain “forward-looking” statements concerning
the Company’s objectives and expectations with respect to net earnings.
Actual results might differ materially from those projected in the
forward-looking statements. Information concerning risk factors that
could cause actual results to differ materially is set forth in the
Company’s Form 10-K, 10-Q and 8-K reports filed with the Securities and
Exchange Commission. The Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events or
circumstances.

TIFFANY & CO. AND SUBSIDIARIES

(Unaudited)


NON-GAAP MEASURES


The Company reports information in accordance with U.S. Generally
Accepted Accounting Principles (“GAAP”). The Company's management does
not, nor does it suggest that investors should, consider non-GAAP
financial measures in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. The Company presents such
non-GAAP financial measures in reporting its financial results to
provide investors with an additional tool to evaluate the Company's
operating results.


Net Sales


The Company's reported net sales reflect either a translation-related
benefit from strengthening foreign currencies or a detriment from a
strengthening U.S. dollar. Internally, management monitors its sales
performance on a non-GAAP basis that eliminates the positive or negative
effects that result from translating sales made outside the U.S. into
U.S. dollars (“constant-exchange-rate basis”). Management believes this
constant-exchange-rate basis provides a more representative assessment
of sales performance and provides better comparability between reporting
periods. The following table reconciles sales percentage increases
(decreases) from the GAAP to the non-GAAP basis versus the previous year:

Two Months Ended December 31, 2013
 
 
Eleven Months Ended December 31, 2013
GAAP
Reported

 
Translation
Effect

 
Constant-
Exchange-

Rate Basis

GAAP
Reported

 
Translation
Effect

 
Constant-
Exchange-

Rate Basis

Net Sales:
Worldwide
4
%
(4
)%
8
%
6
%
(4
)%
10
%
Americas
6
%
(1
)%
7
%
5
%


%
5
%
Asia-Pacific
5
%
(3
)%
8
%
16
%
(2
)%
18
%
Japan
(12
)%
(21
)%
9
%
(9
)%
(20
)%
11
%
Europe
11
%
3
%
8
%
9
%
2
%
7
%
Other
22
%


%

22
%
47
%


%
47
%
Comparable Store Sales:
Worldwide
2
%
(4
)%
6
%
3
%
(3
)%
6
%
Americas
7
%


%
7
%
3
%


%
3
%
Asia-Pacific
(3
)%
(3
)%


%
10
%
(1
)%
11
%
Japan
(11
)%
(21
)%
10
%
(10
)%
(21
)%
11
%
Europe
6
%
3
%
3
%
6
%
2
%
4
%
Other *
16
%


%
16
%
9
%


%
9
%

* Represents sales in five TIFFANY & CO. stores in the United
Arab Emirates, which were converted from independently-operated to
Company-operated in July 2012, and became comparable in the third
quarter of 2013.


Professional Services Finance Tiffany & Co.
Contact:
TIFFANY & CO. Mark L. Aaron, 212-230-5301 mark.aaron@tiffany.com
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