Tiffany & Co revealed yesterday (24th November) that its worldwide jewellery sales increased by 14 per cent on a year-on-year basis in Q3 of its latest financial year.

The New York-based retailer posted overall sales of $681.7 million, with same-store sales rising by nine per cent during both the three-month period and the year to date.

In addition, same-store sales in the US, Canada and Latin and South America were up by six per cent, while total sales in the region jumped by nine per cent to $331.8 million.

Year-to-date same-store sales in the Americas increased by nine per cent and total sales rose by 12 per cent to $997.5 million.

The company, which posted a year-to-date worldwide net sales improvement of 15 per cent to $1.98 billion, noted that growth was experienced in every geographic region in Q3.

In the Asia-Pacific, sales were up by 24 per cent to $127.1 million for the quarter, with same-store sales surging by 15 per cent.

Year-to-date sales for the area increased by 31 per cent and same-store sales for the same period were reported to have risen by 18 per cent.

There was a similar story in Europe, where third-quarter sales jumped by 22 per cent to $77.5 million and same-store sales climbed by 16 per cent.

In the first ten months of the year, Tiffany experienced total and same-store sales rises of 20 per cent and 15 per cent respectively across the continent.

The company also witnessed a sales improvement of 12 per cent to $130.8 million in Japan during Q3, with same-store sales moving eight per cent higher.

Growth in the country was slightly smaller for the year to date, with total sales increasing by five per cent and same-store sales creeping up by one per cent.

As a result of the encouraging figures, Tiffany now believes it will post a 12 per cent worldwide sales rise for the fiscal year ending 31st January 2011.

"Sales of engagement jewellery were strong in the Americas, Asia-Pacific and Europe," Mark Aaron, the firm's Vice President of Investor Relations, told the Associated Press.

"Statement jewellery and the fine jewellery category, including the Tiffany Garden and Metro collections, celebration rings and many others, performed very well, reflecting the overall strength of higher-end transactions in platinum, diamonds and gold."

Tiffany experienced US watch and jewellery sales of $1.34 billion in the US last year, placing it fifth on the National Jewelers 2010 list of $100 Million Supersellers.

Sources:



Tiffany Raises Earnings Forecast on Sales of Handbags, New Store Openings (24/11/10)



Jewellery On the Call: Tiffany Vice President Mark Aaron (24/11/10)



Same-store sales continue to rise for Tiffany (24/11/10)

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