NEW YORK, August 16, 2000 – Tiffany & Co. (NYSE-TIF) reported that its worldwide sales rose 21 percent in the second quarter and, combined with higher margins, net earnings rose 70 percent. Strong growth was achieved in all key markets, highlighted by comparable store sales growth of 19 percent in the U.S. and 12 percent in local currency in Japan.
In the second quarter ended July 31, 2000, net sales of $371,977,000 were 21 percent above 1999’s second quarter of $307,067,000. Net earnings rose 70 percent to $39,165,000, or 26 cents per diluted share, compared with $22,981,000, or 16 cents per diluted share, in the prior year.
In the six-month period (first half) ended July 31, 2000, net sales rose 23 percent to $715,229,000, compared with $579,344,000 in 1999’s first half. Net earnings increased 78 percent to $69,590,000, or 46 cents per diluted share, versus $39,138,000, or 27 cents per diluted share, a year ago.
Net earnings per share figures are adjusted to reflect the Company’s two-for-one stock split in July 2000.
Michael J. Kowalski, President and Chief Executive Officer, said, “Our very successful performance reflects an increasing awareness among customers who appreciate Tiffany’s range of extraordinary product offerings. Tiffany has a strong base upon which we can pursue additional growth opportunities in the U.S. and internationally in the years ahead.”
Tiffany & Co. is the internationally renowned jeweler and specialty retailer. Sales are made primarily through TIFFANY & CO. stores and boutiques in the Americas, Asia-Pacific, Europe and the Middle East. Direct Marketing includes Tiffany’s corporate division, catalog and Internet sales. Additional information can be found on Tiffany’s Web site, www.tiffany.com, and on its shareholder information line (800) TIF-0110.
The Company will host a conference call today to review these results at 8:30 a.m. (EST). Interested parties may listen to a Web broadcast by accessing www.shareholder.com/tiffany or www.vcall.com on the Internet.