Tiffany & Co.’s Holly Jolly Holiday Season
Multinational jeweler Tiffany & Co. (NYSE:TIF) experienced a jump in sales over the holiday season this past year, reporting a 6 percent leap in U.S. sales in stores open for at least a year. American sales account for more than half of the company’s total revenue, reports Reuters.
The famous jeweler, known for its signature “Tiffany blue” boxes and its flagship, Fifth Avenue Manhattan store, site of several iconic scenes from the 1961 film Breakfast at Tiffany’s, maintained its full-year profit forecast in 2013, according to Reuters. This, during a year in which many large retailers were forced to cut their outlooks as a result of steep discounts.
“Tiffany enjoyed a good holiday season with overall sales results in line with our expectation, and we were pleased to see growth across our fine and statement, engagement and fashion jewelry categories. Based on these sales results and related margins, we expect that full year earnings before certain charges will meet the most recent forecast we provided in November,” Michael J. Kowalski, Chair and CEO of the company said in a press release, per the Wall Street Journal. In November and December, a two-month window which can account for nearly half of the company’s profit and almost a third of annual sales net sales rose 8 percent.