Tiffany moderating, but not stopping, growth in '09

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Tiffany moderating, but not stopping, growth in '09

March 31, 2009

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New York--Iconic jeweler Tiffany and Co. plans to open 13 stores this year despite bleary economic conditions, its latest filing with the Securities and Exchange Commission (SEC) shows.

According to its Form 10-K filed on Monday, while planned store openings are down from 22 in 2008, Tiffany "believes there are a significant number of locations remaining in the Americas, Asia-Pacific and Europe that meet the requirements of a Tiffany and Co. location."

Plans call for five new stores in the Americas, seven stores in the Asia-Pacific market and one store in Europe.

Specifically, Tiffany--which shuttered Iridesse, its U.S. chain of 16 pearl-only stores in 2008--will focus on opening locations like its smaller, 2,600-square-foot store in Glendale, Calif.

At this store, customers can handle merchandise independently, without the aid of a salesperson, but the store does not carry high-end or engagement jewelry.

"The selection," the filing states, "allows the store to concentrate higher-margin products in a smaller space. Management believes that this new format will be highly efficient and will give the company the opportunity to open stores in affluent, albeit smaller, U.S. cities and to better serve larger markets where the company already operates full-assortment stores."

In addition, the 10-K filing contains information detailing what jewelry Tiffany sells the most of in different parts of the world.

According to the filing, in 2008, the greatest percentage of Tiffany's sales in the Americas (34 percent) and Europe (40 percent) were concentrated in the non-gemstone, sterling silver category, with an average ticket price of about $200.

However, in the Asia-Pacific market, two categories shared the greatest percentage of 2008 sales. According to the filing, Tiffany made 30 percent of its sales in the gemstone jewelry and gemstone band rings (other than engagement jewelry) category, with an average ticket price of $3,300 in 2008. Another 30 percent of the company's sales in the Asia-Pacific market came from diamond rings and wedding bands, with an average ticket price of $3,000.

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