Tiffany & Co. have released its fiscal results for FY2017 announcing a 4% increase in net global sales across the year to $US4.2 billion.
In the Asia-Pacific region, which includes the Australian market, the group announced an increase in net total sales across the year of 10% up to $US1.1 billion.
It also announced a 1% decrease in comparable store sales across the year which was bolstered by a 3% increase in the fourth quarter across the region.
However, the report conceded that the Asia-Pacific region was held up by strong sales growth in China while the rest of the region posted lesser results.
“Total net sales growth reflected higher wholesale and retail sales; on a comparable store sales basis, the full year decline reflected strong sales growth in mainland China that was offset by lower sales in most other countries.”
Tiffany & Co. CEO Alessandro Bogliolo said the company was focused on improving its omni-channel experience and enhancing store presentation to generate future growth.
“We believe that increasing investment now in certain areas, such as technology, marketing communications, visual merchandising, digital and store presentations, which we expect will hinder pre-tax earnings growth in the near term, is needed to generate that lasting long-term growth.”