Retail in Asia

In Sectors

Tiffany Asia-Pacific sales up 13pc in holiday period

Tiffany & Co. expects net earnings growth for 2013 to be 6-9 percent after it reported a 4 percent increase in net sales worldwide for the two-month period ended on 31 December.

The luxury jewellery retailer added 8 stores in Asia-Pacific last year and it said on Thursday that sales in the region surged 13 percent to USD187 million. Sales in Japan dropped 5 percent to USD153m.

"Holiday period sales growth was at the low-end of our expectations, and we now expect that net earnings for the year ending on 31 January will be at the lower-end of the forecast that we issued on 29 November of USD3.20 – USD3.40 per diluted share. Looking forward, we are formulating plans for continued store expansion and new product introductions in 2013," said Michael J. Kowalski, chairman and CEO.