Tiffany Reports Holiday Period Sales Results
Net sales highlights by region:
-
In the
Americas , on a constant-exchange-rate basis total sales and comparable store sales were 5% and 8% below the prior year, respectively. Lower sales occurred across much of theU.S. , exacerbated by lower foreign tourist spending inNew York and certain otherU.S. markets which management attributes to the strongU.S. dollar. Total sales rose inCanada andLatin America . Reported inU.S. dollars, total sales of$505 million were 7% below the prior year. -
In the
Asia-Pacific region , on a constant-exchange-rate basis total sales and comparable store sales declined 6% and 9%, respectively. A continuation of strong sales growth inChina was more than offset by significant weakness inHong Kong andSingapore , with varying performance in other markets. Reported inU.S. dollars, total sales of$187 million were 11% below the prior year. -
In
Japan , on a constant-exchange-rate basis total sales increased 12% and comparable store sales rose 10%, reflecting higher sales to local customers and foreign tourists. Reported inU.S. dollars, total sales rose 9% to$123 million . -
In
Europe , on a constant-exchange-rate basis total sales rose 4% and comparable store sales declined 2%. Sales rose in theU.K. , but performance was mixed across continentalEurope with a notable decline inFrance , all of which reflected varying levels of demand among local customers and foreign tourists. Reported inU.S. dollars, total sales inEurope of$128 million were 4% below the prior year. -
Other sales on a constant-exchange-rate basis declined 16% in total
and comparable store sales on that same basis decreased 12%. Reported
in
U.S. dollars, sales of$19 million were 20% below the prior year. -
At
December 31, 2015 , the Company operated 307 stores (125 in theAmericas , 81 inAsia-Pacific , 56 inJapan , 39 inEurope , and five stores in theUnited Arab Emirates and one inRussia ), versus 296 stores a year ago (123 in theAmericas , 73 inAsia-Pacific , 56 inJapan , 38 inEurope , and five in theU.A.E. and one inRussia ).
Full Year 2015 and 2016 Outlooks:
Management expects net earnings in the year ending
Upcoming Announcements and Events:
-
The Company expects to report its fourth quarter and full year results
on
March 18 th before the market opens. Management will conduct a conference call with a question and answer session. To be notified of future announcements, register at http://investor.tiffany.com ("E-Mail Alerts"). -
The Company will host an Analyst/Investor Day on
April 12 th at its corporate office inNew York during which members of Company management will provide overviews of their respective areas of responsibility and strategic direction. A live audio webcast of the presentations will be available on the Company's website at http://investor.tiffany.com. Due to space restrictions, a limited number of in-person invitations will be issued. For those unable to attend or to listen to the live webcast, a replay will be available on the Company's website for 90 days following the event.
Tiffany is the internationally-renowned jeweler founded in
Forward-Looking Statements:
The statements in this document that refer to plans and expectations for
the fourth quarter, the current fiscal year and future periods are
forward-looking statements that involve a number of risks and
uncertainties. Words such as 'expects,' 'anticipates,' 'forecasts,'
'plans,' 'believes,' 'continues,' 'may,' 'will,' and variations of such
words and similar expressions are intended to identify such
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements we make regarding the
Company's objectives, expectations and beliefs with respect to store
openings and closings, product introductions, sales, sales growth,
retail prices, gross margin, expenses, operating margin, effective
income tax rate, net earnings and net earnings per share, inventories,
capital expenditures, cash flow, liquidity, currency translation and
growth opportunities. These forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's control, which could cause the Company's actual results to
differ materially from those indicated in these forward-looking
statements. Such factors include, but are not limited to, risks from
global economic conditions, decreases in consumer confidence, the
Company's significant operations outside of
(Unaudited)
NON-GAAP MEASURES
The Company reports information in accordance with
The Company's reported net sales reflect either a translation-related
benefit from strengthening foreign currencies or a detriment from a
strengthening
Two Months Ended |
Eleven Months Ended |
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GAAP
Reported |
Translation
Effect |
Constant-
Exchange- Rate Basis |
GAAP
Reported |
Translation
Effect |
Constant-
Exchange- Rate Basis |
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|
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Worldwide | (6 | )% | (3 | )% | (3 | )% | (3 | )% | (5 | )% | 2 | % | ||||||
|
(7 | ) | (2 | ) | (5 | ) | (4 | ) | (2 | ) | (2 | ) | ||||||
|
(11 | ) | (5 | ) | (6 | ) | (2 | ) | (5 | ) | 3 | |||||||
|
9 | (3 | ) | 12 | (3 | ) | (13 | ) | 10 | |||||||||
|
(4 | ) | (8 | ) | 4 | (1 | ) | (14 | ) | 13 | ||||||||
Other | (20 | ) | (4 | ) | (16 | ) | (15 | ) | (6 | ) | (9 | ) | ||||||
Comparable Store Sales: |
||||||||||||||||||
Worldwide | (9 | )% | (4 | )% | (5 | )% | (6 | )% | (6 | )% | — | % | ||||||
|
(10 | ) | (2 | ) | (8 | ) | (6 | ) | (3 | ) | (3 | ) | ||||||
|
(14 | ) | (5 | ) | (9 | ) | (5 | ) | (6 | ) | 1 | |||||||
|
6 | (4 | ) | 10 | (8 | ) | (13 | ) | 5 | |||||||||
|
(10 | ) | (8 | ) | (2 | ) | (4 | ) | (13 | ) | 9 | |||||||
Other | (18 | ) | (6 | ) | (12 | ) | (12 | ) | (9 | ) | (3 | ) |
TIF-E
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mark.aaron@tiffany.com
Source:
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