Tiffany & Co. reported today that its net sales increased 19% in the second quarter ended July 31, 2007, reflecting geographically broad-based growth across the U.S. and many international markets. Comparable store sales increased 17% in the U.S. and 7% (on a constant-exchange-rate basis) internationally. The strong sales growth and an improved operating margin led to a 41% increase in net earnings from continuing operations. The Company recorded an after-tax charge of $23,583,000, or $0.17 per diluted share, related to the pending sale of its Little Switzerland business.
Net sales in the second quarter rose 19% to $662m. On a constant-exchange-rate basis which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see attached “Non-GAAP Measures” schedule), net sales increased 20% and worldwide comparable store sales increased 13%.
In the first half ended July 31, 2007, net sales increased 18% to $1,258m. On a constant-exchange-rate basis, net sales rose 17% and worldwide comparable store sales rose 11%.
Source: Tiffany & Co. Press Release
