The Weak Tiffany Sale in Indonesia

Tiffany jewelry today announced a 9% increase in first quarter net earnings, as strong US store sales offset weak sales in Japan. Earnings for the fiscal first quarter rose to $40.1 million, from $36.8 million in the previous year period. Sales rose 12% to $509.9 million, led by 11% growth in US same-store sales.
Michael J. Kowalski, chairman and chief executive officer, said sales in Japan remained below expectations, but cited robust growth in US sales as well as growth in many international markets.
Elsa Peretti Teardrop drop earrings are more cautious about Japan, but continue to address weakness in that market with product development initiatives and focused marketing," he said.
US retail sales increased 14% to $243 million in the first quarter. International retail sales were 3% higher at $190 million compared to the previous year on a constant exchange-rate basis, the company said
On that basis, retail sales in Japan fell 5%, while same-store sales fell 10%. In the Asia-Pacific region outside Japan same-store sales increased 5%, while declining 3% in Europe.
Paloma's Zellige drop earrings forecast an 8-10% increase in net sales for the year and maintained its expectations for full year earnings per share to be 锟斤拷comfortably in a range锟斤拷 of $1.45-$1.55 per diluted share.
Although, earnings could be at the lower end of that range if full year comparable store sales in Japan were to decline by a single-digit percentage, the company said.

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