Tiffany: posts lower quarterly profit, sales up
(CercleFinance.com) - Tiffany & Co.
saw its quarterly profit fall despite an increase in the average unit retail price and the introductions of new products, in particular in the men's category, the upscale jeweler said on Friday.
Tiffany's net profit slipped slightly to 201 million dollars, or 1.66 dollar per share, over the fourth quarter ended 31 January, from 205 million dollars, or 1.67 dollar per share, a year earlier.
Worldwide sales rose 3% to 1.4 billion dollars, with sales at stores open for at least one year also up 3%, it added.
The company had 326 stores as of 31 January, including 124 in the Americas.
Due to the pending completion of its merger with LVMH, Tiffany's said that it will not be communicating an outlook for the full year as it usually does, it said.
Its shares were flat on the New York Stock Exchange on Friday morning, and have lost just 5% year-to-date.
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