Tiffany & Co has reported worldwide net sales rose by 7 per cent to a record US$4.4 billion last year, fuelled by solid growth across almost every Aian market. In Asia-Pacific, total net sales increased 13 per cent to $1.2 billion for the full year, with Greater China leading the charge. However, sales slipped 1 per cent to $316 million in the fourth quarter, largely due to a slowing of spending in Mainland China.
Comparable sales rose 5 per cent during the full year and fell 3 per cent in the fourth quarter. In Japan, total net sales increased 8 per cent to $643 million in the full year and 3 per cent to $196 million in the fourth quarter. Comparable sales increased by 7 per cent and 3 per cent, respectively. The company’s net earnings for the full year benefited from a lower effective tax rate, rising to $586 million. 75 per diluted share.
