Annual net sales at upscale New York cataloger/retailer Tiffany & Co. rose 17%, to $2.0 billion for the year ended Jan. 31, compared with $1.7 billion in sales last year. Earnings similarly rose 13%, to $215.5 million, compared with $189.9 million last year.
Net sales grew 18% to $731.6 million for the quarter ended Jan. 31, compared with $619.0 million last year. Net earnings jumped 24%, to $110.5 million, compared with $89.3 million last year.
As for Tiffany’s direct marketing unit, the marketer says sales increased 11% in the fourth quarter to $76.8 million and increased 10% to $197.4 million for the year. Combined e-commerce and catalog sales rose 25% in the quarter and 23% for the year due to increased numbers of orders.
Business sales declined 15% in the quarter and 9% in the year as a result of Tiffany’s previously announced decision to discontinue selling employee service award programs and to leave that market by the end of 2003.
U.S. retail sales, meanwhile, rose 20% to $359.4 million in the fourth quarter and 16% to $948.9 million for the year. Comparable store sales rose 17% in the fourth quarter (up 22% in Tiffany’s New York flagship store and 15% in branch stores) and 12% in the year (up 10% in the flagship store and 12% in branch stores).