Tiffany net income soars on global growth

New York – Tiffany reported a 50% increase in net income in its third quarter of fiscal 2013, increasing to $94.6 million from $63.2 million. Net sales were $911.5 million, up 7% from $852.7 million.



Net sales growth was strong worldwide but especially pronounced in the Asia-Pacific region, where net sales increased 27% compared to the same period in the prior year. Tiffany credited global net sales performance as driving its net income growth.



Looking ahead, Tiffany expects worldwide net sales to increase by a mid-single-digit percentage for fiscal 2013. The company also expects to open a net of 14 new stores globally during the current fiscal year.



“We are very pleased with our overall results. Worldwide sales growth in the quarter demonstrated the growing power of the Tiffany & Co. brand and the benefits of our expanding global presence,” said Michael J. Kowalski, chairman and CEO of Tiffany. “Operating earnings rose faster than sales, reflecting favorable product cost trends and ongoing well-controlled expenses. We’re experiencing excellent customer response to our expanded fashion jewelry designs, highlighted by the Atlas collection, as well as continued growth in our fine and statement jewelry, with particular strength in our yellow diamond collection.”