Japan Sales Give Tiffany Needed Boost

March 29, 2006

Japan Sales Give Tiffany Needed Boost

Though the jeweler still fell short of earnings expectations for its fourth quarter, Tiffany & Co. said yesterday that a boost in the Japanese retail market resulted in more positive results than expected.

Sales fell overall at a higher-than-predicted rate in the United States market, especially at Tiffany's flagship store in New York City, primarily due to a 2% drop in tourist spending at the Fifth Avenue location, the Financial Times reported. However, as a result of Tiffany's change in strategy in Japan, shifting from price point silver jewelry to higher-priced gold, the retailer reported strong sales in Japan and other international markets.

Sales overall rose 6% to $858.5 million, and U.S. retail sales were up 8%.

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