Famed jeweler Tiffany & Company posted its performance report for the third quarter of 2010, stating that sales rose by 14%, reaching $681.7 million. Profits added 27%, reaching $55 million.
According to the high-scale diamond jeweler’s press release, sales the United States, Canada and South America, added 9 percent% to $331.8 million, and comparable store sales rose by 5%.
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Performance segmentation indicated that Tiffany’s sales in Japan went up by 12% in dollar terms, reaching $130.8. Excluding Japan, sales in the Asia-Pacific region jumped 24% $127.1 million; Euro-zone sales added 29% and other sales, including wholesale and rough diamonds, rose 26 percent to $14.6 million.
Tiffany & Company opened six new stores across the third quarter, bringing the number of stores worldwide to 225 –93 stores across the Americas, 56 stores in Japan, 49 boutiques in Asia-Pacific and 27 stores in Europe.
Tiffany & Company’s gross margin improved to 58.5% in 3Q/2010, the third quarter from 54.8% in 3Q/2010 (+3.7%).
The company reported the repurchase of some 588,000 common shares for a total cost of $25.7 million.
Tiffany said it expects that full fiscal year worldwide sales will add an estimated 12%.