Leading platinum jewellery retailer Tiffany has announced fourth-quarter profits of $140.5 million, compared to $140.3 million for the same period last year.

Earnings were boosted by a strong showing in the period running up to Christmas, which saw retail sales grow 15 per cent to $986.4 million from $858.4 million for 2005.

Sales improved especially in the company's European outlets where there was a 15 per cent increase to $305.6 million, while US sales showed a 13 per cent improvement to $506.9 million.

Commenting on sales trends, Chief Executive Michael Kowalski said: "Total worldwide sales are tracking slightly above our growth expectations...we are seeing a greater-than-expected shift in sales mix towards higher-end, lower-margin diamond jewellery."

Mr Kowalksi also outlined sales growth to continue in the next year and gave a projected figure of 11 to 12 per cent.

The company's jewellery prices went up this year in response to higher costs accruing from the increased prices of platinum, gold and silver.

Ÿ Adfero Ltd