Luxury jewellery brand Tiffany & Co. has revealed strong growth across its Asia-Pacific operations, with plans to expand its network further within the region.
The US-based company, which currently operates around 20 stores across Australia, New Zealand and Asia, reported total sales of $223 million for the region for the first quarter ended April 30, 2013.
The figure represents a 15 per cent lift in sales, compared to the previous corresponding period last year.
On a constant-exchange-rate basis, total sales increased 14 per cent, due to sales growth in Greater China and most other countries, and comparable store sales rose nine per cent.
Backed by strong growth, Tiffany & Co. has confirmed that it will look to augment its store count across Asia-Pacific significantly in the coming year, with plans to launch another 14 company-operated stores – six in the Americas, seven in Asia-Pacific and three in Europe.
For the fiscal year ending January 31, 2014, management has also forecasted net earnings in a range of $3.43-$3.53 per diluted share, unchanged from its previously-published outlook and versus $3.25 per diluted share in 2012.
The company said it also expects net earnings in the second quarter to be equal to the prior year based on an expected mid-single-digit sales increase, with earnings growth in the third and fourth quarters. This forecast excludes $0.05 per diluted share of expenses tied to cost-reduction initiatives that were recorded in the first quarter.