Tiffany today reported an increase in sales for the fourth quarter, but its profit fell compared to the same period last year, which included a one-time gain.
Profit for the quarter ended January 31 fell to $140.3 million, from $217 million last year.
Sales during the fourth quarter rose to $858.4 million, from $810.1 million a year earlier.
The 2004 figures include a $194 million pre-tax gain from the sales of shares of Aber Diamond Corp., as well as a $15 million tax charge and a $25 million contribution to the company.
US retail sales in the fourth quarter increased 8% to $449.3 million, largely due to 5% comparable store sales growth, the US retailer said. In Japan, retail sales rose 8% from a year earlier.
The company reiterated its full year expectations published in January of approximately 10% growth in net sales and at least 12% growth in earnings before income taxes.
Tiffany said it expected most of the growth in the second half of the year.
For the first quarter of this year, it said it expected earnings to be “equal to or slightly higher” than a year ago.