In the fourth quarter of the financial year, which included the period of Christmas holidays and ended on January 31, 2015, sales of Tiffany & Co. The company's earnings rose to $ 196 million, or $ 1.51 per share, although last year a loss of $ 104 million was recorded for this indicator due to a lawsuit with the Swatch Group. Comparable sales remained at the same level.
Frederic Cumenal, President of Tiffany & Co., said: "Now it is clear to everyone that Tiffany & Co. is under the influence of global economic uncertainty, especially the strengthening of the US dollar, which influences the process of converting sales in foreign currency back to dollars, as well as purchases of foreign tourists in the US As a result, we decided to proceed with caution to plan our strategy for the coming fiscal year, and expect not so significant growth in net revenue and a minimum level of ro is the net profit. We expect lower sales and earnings in the first half of the year and a significant increase in these indices during the second half of the year. In the long term, Tiffany & Co. are waiting for the good times, we are planning a number of significant actions to increase. "
In the completed financial year, the company opened eight and closed two branded stores. By the end of the reporting period, Tiffany & Co. owns 295 stores in both the Americas, Asia-Pacific, Japan, Europe and the United Arab Emirates.
Gross profit as a percentage of sales increased to 59.7% compared with 58.1% in 2013. Improvement of this indicator was achieved mainly due to lower production costs, higher retail prices and a greater proportion of expensive jewelry in total sales.
Chairman and CEO of the company Michael Kowalski (Michael Kowalski) said that in general, the year 2014 was successful for Tiffany & Co.
"We increased the number of our stores, presented new amazing jewelry and increased customer awareness, and we managed to achieve a significant increase in net revenue and revenue last year," he said.