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Tiffany 2Q sales up 11 percent

August 28, 2008

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New York—Second-quarter net sales for Tiffany and Co. worldwide increased 11 percent to $732.4 million for the three months ended July 31, largely buoyed by sales growth in the Asia-Pacific region and in Europe, the company reported on Thursday.

On a constant-exchange-rate basis, worldwide second-quarter net sales increased 7 percent, while comparable-store sales decreased 1 percent.

In the first half ended July 31, worldwide net sales increased 11 percent to $1.4 billion.

On a constant-exchange-rate basis, worldwide net sales for the first half increased 7 percent and same-store sales increased 1 percent.

Tiffany's earnings show that its U.S. sales continue to struggle, except at the New York City flagship store, where foreign buyers help to boost sales.

U.S. same-store sales declined 4 percent in the second quarter and 2 percent in the first half.

At the New York City flagship store, sales increased 5 percent in the second quarter and 10 percent in the first half, while comparable branch store sales declined 6 percent and 5 percent, respectively.

Internet and catalog sales in the United States also were down, declining 4 percent in the second quarter and 2 percent in the first half.

Offsetting weak sales in the U.S. were sales in the Asia-Pacific region, which increased 17 percent in the second quarter—7 percent on a constant-exchange-rate basis—and in Europe, where second-quarter sales increased 35 percent, 29 percent on a constant-exchange-rate basis.

"Tiffany's global retail operations once again demonstrated the ability to generate strong operating earnings growth despite weakness in certain individual country markets," Tiffany Chairman and CEO Michael J. Kowalski said in a statement. "Our continued expansion throughout Asia and Europe should contribute to increasingly consistent and resilient long-term earnings growth."

As of July 31, Tiffany operated 196 stores and boutiques worldwide, compared with 172 stores a year ago.
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