Tiffany's outperforms expectations

Tiffany's outperforms expectations

American jewelry manufacturer Tiffany has outperformed analysts' expectations with its firth quarter results, which have prompted it to increase its full-year expectations.

"Excellent start"

Tiffany's net profit rose 50 % in 2014's first quarter to 125.6 million dollars (92 million euro), while analysts had expected a 100 million dollar profit (73 million euro).

 

The higher profit was the result of higher turnover (+ 13 % to 1.01 billion dollars or 780 million euro), which also trumped analysts' expectations at 956.2 million dollars (700 million euro). Tiffany states that its turnover would have grown 15 % if exchange rates had remained stable and that the like-for-like turnover grew 11 %.

 

"This is an excellent and encouraging start to the year. We were pleased with the strong and broad-based sales growth across most regions and product categories", CEO Michael Kowalski said.

 

Tiffany announced in March that it would raise the average price of its products and also launched several new products this year, like its Atlas collection, one of the group's cheaper collections which has turned out to be the engine of the American turnover growth. Japanese turnover also grew strongly, up 20 % to 17 million dollars (12.4 million euro).

Questions or comments? Please feel free to contact the editors


Hema will open stores in Middle-East

15/01/2018

Hema will head outside of Europe for the first time ever: it will open three stores in Dubai later this year. In the next five years, the Dutch chain aims to open a sizeable number of Middle-Eastern stores.

Metro Group is happy with first quarter

15/01/2018

German Metro Group is happy with its first quarter results. Turnover, after exchange rate fluctuations, has only grown 0.2 %, but there was a 0.8 % like-for-like turnover increase.

Carrefour buys stake in Showroomprivé

12/01/2018

Carrefour has obtained a 17 % minority stake in flash sale seller Showroomprivé with the intent of increasing its digital and non-food reach. Former shareholder Conforama did suffer a loss.

Europe wants to tax plastic bags

11/01/2018

After several member states had already implemented legislation to lower the use of plastic bags, the European Union is now considering an overall plastic bag tax.

Amazon builds new warehouse near Belgian and Dutch border

10/01/2018

American online retailer Amazon has unfolded plans for a new distribution center in the German city of Mönchengladbach. It will be located near the Dutch and Belgian border and most likely be used to service these markets.

Hans Anders appoints omnichannel director

08/01/2018

Optician chain Hans Anders appointed Bram Bruijns as its omnichannel director, a new position within the group. He will take charge of Hans Anders’ omnichannel activities across every market.

Back to top