Tiffany & Co worldwide has finished its latest year with solid sales growth, both geographically and across product categories, says CEO Alessandro Bogliolo.
Strong sales growth in Mainland China was offset by lower sales in most other countries.
“We are focused on six strategic priorities,” says Bogliolo, as the American luxury jewellery revealed it fourth-quarter/full-year figures to the end of January.
He lists the priorities as:
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- Amplifying an evolved brand message
- Renewing product offerings and enhancing in-store presentation
- Delivering an exciting omnichannel customer experience
- Strengthening the firm’s competitive position and lead in key markets
- Cultivating a more efficient operating model
- Inspiring an aligned and agile organisation.
Total net sales in Asia-Pacific grew by 10 per cent to US$1.1 billion for the full year and 13 per cent to $320 million in the fourth quarter; comparable store sales declined 1 per cent and rose 3 per cent respectively.
Total net sales growth reflected higher wholesale and retail sales, says the jeweller, while on a comparable store sales basis, the full-year decline reflected strong sales growth in China offset by lower sales elsewhere.
Meanwhile, fourth-quarter sales growth benefited from performance across Greater China. On a constant-exchange-rate basis, total sales rose 8 per cent in the full year and 9 per cent in the final quarter, with comparable store sales declining 2 per cent and 1 per cent respectively.
In Japan, total net sales of $596 million in the full year were 1 per cent below the prior year, while sales in the fourth quarter rose 2 per cent to $189 million; comparable store sales declined 1 per cent and rose 1 per cent, respectively.
Tiffany worldwide net sales increased 4 per cent during the year to $4.2 billion, reflecting sales growth in most regions and across most jewellery categories. Net earnings of $370 million were 17 per cent below the previous year’s $446 million.
For the fourth quarter, worldwide net sales rose 9 per cent to $1.3 billion, resulting from growth in all regions and across all product categories; comparable store sales rose 3 per cent.