-- Direct Marketing sales rose 4 percent to $29,957,000 due to increases both in the number of orders shipped and the average order size.
-- Other sales declined 4 percent to $33,540,000.
Michael Kowalski, Chairman and CEO, said, "We are very pleased with the geographically broad-based strength in our international stores and are encouraged with Tiffany's results in Japan. US Retail sales results were disappointing, but it should be viewed relative to a strong 14 percent increase in last year's first quarter."
Kowalski continued, "Tiffany has exciting initiatives underway in 2006. We are expanding our presence this year with five new US stores and new locations in Japan (two), China (three), Austria, Mexico and Canada. We are also maintaining an active pace of new product introductions, highlighted by the recent launch of jewelry designed by the renowned architect Frank Gehry."
He added, "For the full year, we are expecting sales growth of almost 10 percent. Our forecast assumes gradually improving trends in the US and solid international sales growth so that we achieve mid-single-digit comparable store sales growth in the US and Japan for the full year.”
Tiffany & Co operates jewelry and specialty retail stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. It operates Tiffany & Co retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations.
marketing@alchempro.com
