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Tiffany holiday sales rise 15 percent

January 10, 2007

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New York—Tiffany and Co.'s worldwide holiday sales jumped 15 percent to nearly $818.1 million for the period from Nov. 1 to Dec. 31, 2006, bolstered by growth in its U.S. retail markets and most of its international markets, the company said on Wednesday.

With exchange rates held constant, global sales in terms of U.S. dollars grew slightly less—14 percent. Tiffany's same-store sales worldwide rose 7 percent.

U.S. retail sales, which made up more than half of Tiffany's overall holiday sales, grew 12 percent to $432.4 million for the holiday period, while U.S. same-store sales jumped 8 percent. The domestic sales figures were boosted by a 15 percent sales increase at Tiffany's flagship store on Fifth Avenue in New York City and a 7 percent rise in sales at comparable branch stores nationwide.

"We are delighted to report such strong overall sales growth for the holiday season, which exceeded our expectations," Tiffany Chairman and CEO Michael Kowalski said in a press release. "We saw healthy sales increases in many product categories, ranging from diamonds to silver jewelry."

U.S. stores benefited from a rise in the number of transactions and a rise in the average sales ticket. Five new U.S. stores opened in 2006 and also meaningfully contributed to sales growth, the company says.

International retail sales rose 18 percent (14 percent on a constant exchange rate basis) to $283.5 million for the holiday period. Same-store sales for Tiffany's international stores lagged up a percentage point behind its U.S. stores, rising 6 percent. Strong sales growth was achieved in most international markets, offsetting a decline in Japan's same-store sales for the holiday period, the company said.

Its direct marketing sales rose 10 percent to $69.7 million, with increases in both the number of orders and in the amounts spent per order.

Other sales rose 51 percent to nearly $32.4 million, due to increased wholesale sales of diamonds and a rise in specialty retail sales at Tiffany's Iridesse and Little Switzerland divisions.

Buoyed by the performances of its new stores, the retailer said it has growth plans for this year.

"Based on the success of new stores and numerous opportunities, our plans for 2007 include accelerating the pace of Tiffany and Co. store openings to five to seven in the United States and 10 internationally," Kowalski said. "We will also introduce a wide range of new products."
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