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Tiffany's 3Q sales climb almost 20 percent

November 30, 2007

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New York—Due to a renewed focus on marketing and distribution, net sales at luxury jewelry retailer Tiffany and Co. increased 18 percent in the third quarter ended Oct. 31, the company announced today.

Net sales in the United States were up 12 percent for the period and 16 percent year-to-date.

Internationally, third-quarter sales increased 22 percent and 18 percent year-to-date.

On a store-by-store basis, comparable-store sales increased 8 percent in the United States and 10 percent internationally for the period.

Comparable-store sales for Tiffany's U.S. locations are now up 13 percent year-to-date.

Sales in the New York flagship store jumped 25 percent in the third quarter and 28 percent year-to-date, the result of more sales to local customers and foreign tourists.

Comparable branch-store sales increased 4 percent and 9 percent, respectively.

Tiffany and Co. Chairman and Chief Executive Officer Michael J. Kowalski credits the company's growth to its focus on distribution, merchandising and marketing.

"We are pleased with our overall businesses in the U.S. and internationally, as well as with product performance ranging from robust diamond jewelry sales to a healthy increase in silver jewelry sales," he said.

Tiffany and Co. opened three new U.S. stores in the third quarter: a second store in the Las Vegas market, one in Natick, Mass., and a store on Wall Street in New York City. The company now operates 68 stores in the United States, versus 63 stores at the same time a year ago.
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