Tiffany remains 'cautious' on U.S. market

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Tiffany remains 'cautious' on U.S. market

March 24, 2008

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New York—Tiffany and Co. reported a slight increase in same-store sales in the United States for fiscal year 2007, according to the company's financial earnings released today.

U.S. same-store sales for the New York-based jewelry retailer rose 7 percent in 2007 and declined 1 percent in the fourth quarter following a dismal holiday selling season.

Overall, Tiffany and Co. saw total U.S. retail sales increase 4 percent in 2007, with three new stores—in Providence, R.I., Red Bank, N.J., and Santa Barbara, Calif.—opening in the fourth quarter. The company also closed a store in Maui, Hawaii.

Tiffany and Co. now has 70 stores in the United States, compared with 64 last year.

Overseas, same-store sales increased 7 percent for the year and 6 percent for the fourth quarter. Overall international retail sales increased 19 percent for the year and 21 percent for the quarter.

Tiffany and Co. opened new stores in China and Italy and closed a boutique in Japan. The company now has 114 stores around the world, versus 103 a year ago.

The company's direct marketing sales, which include Web site sales, increased 5 percent in 2007 due to the number of Internet orders, but fell 1 percent in the fourth quarter.

Tiffany Chairman and Chief Executive Officer Michael Kowalski said in a statement that the company was pleased with its strategy and overall financial performance.

"Despite current uncertainties related to consumer confidence in the United States, we will continue to take advantage of our strong balance sheet and infrastructure to pursue our planned expansion opportunities worldwide," he said. "In 2008, we expect to see robust growth in our non-U.S. markets other than Japan...We remain cautious about the United States, although comparable-store sales are currently increasing slightly. We still expect a slight decline in comparable U.S. stores sales in the first half of the year."

In addition, Tiffany and Co. recently announced the nomination of the following incumbents for re-election to the company's board of directors: Kowalski, Rose Marie Bravo, Gary E. Costley, Abby F. Kohnstamm, Charles K. Marquis, J. Thomas Presby and William A. Shutzer.

The board also nominated two new independent candidates for election: Lawrence K. Fish, chairman of the Royal Bank of Scotland America and Citizens Financial Group Inc., and Peter W. May, president and founding partner of Trian Fund Management L.P.

May's business partner is Nelson Peltz, the activist investor who was noted for increasing his stake in Tiffany at the beginning of the year.

Current directors William R. Chaney and James E. Quinn will not stand for re-election.

Shareholders will vote on the board of directors at the company's annual meeting, scheduled for May 15.

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