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Amid Declining Sales, Is Tiffany's On The Block?
Luxury retailers Coach Inc., and LVMH have been mentioned as possible buyers if Tiffany & Co., should decide to sell the firm, a report in Barron’s said on March 28. The report said that Tiffany shares could move up by as much as 25 percent or more if the company were to sell -– or put right its financial problems, including declining sales in Japan.
Tiffany has struggled for three years with weak sales at its stores in Japan and high precious metal costs. The continuing problem has forced the company to cut its earnings forecasts for 2005.
Japan accounts for almost a quarter of Tiffany's sales and is its second-largest market after the United States. Comparable store sales fell 8 percent in Japan in 2004 after adjusting for currency fluctuations, following declines of 3 percent and 8 percent in 2003 and 2002 respectively. In February Tiffany reported its fifth consecutive decline in quarterly same-store sales in Japan.
Tiffany has encountered the same problem that retail giant Wal-Mart Stores Inc., has in Japan –- that Japan's consumers are not always attracted to low-priced products. Bloomberg reported on March 23 that Tiffany is revamping its strategy in Japan, adding more expensive items and refurbishing stores. It will offer more gold jewelry and pieces with a price tags of at least $2,000 in Japan after demand flagged for silver items. The company said it may also open more free-standing stores after boutiques in department stores didn't perform as well.
For some reason, "Breakfast at Coach's", just doesn't have the same panache.
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