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Tiffany Sales Up, Profits Down.
Tiffany & Co.’s overall net sales in fiscal 2005 rose 9 percent to $2.4 billion, and profits fell 16.3 percent to $254.7 million.
Tiffany’s attributed the decline in profit to a one time gain in December 2004. In fiscal 2004, earnings in the fourth quarter and year benefited from a pre-tax gain of $194 million as a result of the company's sale of its shares in Aber Diamond Corporation.
Retail sales in the United States rose 9 percent to $1.2 billion during the fiscal year, same-store sales rose 7 percent (branch store sales rose 7 percent and New York flagship store sales rose 5 percent.) Tiffany’s attributed comparable store sales growth to higher spending per transaction. Tiffany’s opened four stores stateside in 2005 and operated 59 Tiffany & Co. stores by year-end 2005.
