Financial Reports: Tiffany, Dover Saddlery

Sales Up, Earnings Down at Tiffany
New York-based jewelry and gifts cataloger/retailer Tiffany & Co. grew its direct marketing sales 15% for the fourth quarter and 11% for the year. For the three months ended Jan. 31, direct sales totaled $70.8 million; for fiscal 2005 they hit $157.5 million. An increase in the number of orders and in average order value accounted for the increases.

Total fourth-quarter sales rose 6%, to $858.4 million. For the full year, sales were $2.4 billion, a 9% increase from fiscal 2004.

But net income for the fourth quarter slid 35%, to $140.3 million. And annual income fell as well—16%, to $254.7 million. The decline was a result of a one-time gain taken in December 2004.

Quarter, Annual Sales Up at Dover Saddlery
Fourth-quarter direct sales for Littleton, MA-based equestrian products merchant Dover Saddlery increased 4%, to $15.5 million for the three months ended Dec. 31. For the full year, combined catalog and Internet sales increased 2%, to $53.3 million.

Total fourth-quarter revenue reached $18.1 million, a 9% increase from $16.7 million for the fourth quarter of 2004. For the full year, Dover’s sales increased 7%, to $62.7 million, up from $58.7 million. The increase was attributed to a 42% growth in the company’s retail channel.

The increases didn’t cross over to the other side of the ledger, however. Fourth-quarter net income fell 28%, to $191,000. And full-year income tumbled 41%, to $826,000 from $1.4 million the previous year.