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Tiffany swings to Q4 loss on Swatch settlement; 13 new stores planned
New York – A $473 million charge resulting from arbitration with The Swatch Group in December 2013 resulted in Tiffany & Co. reporting a net loss of $104 million in the fourth quarter of fiscal 2013. Tiffany reported net earnings of $180 million in the year-ago period.
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Tiffany stays positive following Q4 net loss
Tiffany & Co. reported a net loss of $104 million in the fourth quarter of fiscal 2013 thanks to a $473 million charge resulting from arbitration with The Swatch Group Dec. 2013.
The company reported net sales for the quarter of $1.3 billion, up 5% from $1.23 billion last year. Same-store sales for the quarter increased 6%.