Tiffany & Co reports losses for Q4 fiscal 2013
American jeweller Tiffany & Co incurred a net loss for the quarter ended January 31, 2014 (fiscal 2013) of $103.6m, compared to net income of $179.6m in the fourth quarter of fiscal 2012.
The current year fourth quarter included a net charge of $473m pre-tax ($293m after tax) related to an adverse arbitration ruling in favour of The Swatch Group Ltd.
Without the unfavourable arbitration ruling, Tiffany’s quarterly net income would have been $189.8m, up 6 percent over last year’s $179.6m.
Net sales for the quarter of $1.30bn were up 5 percent over last year’s $1.24bn. On a constant-currency basis, sales were up 9 percent and comparable store sales were up 9 percent.
Sales were up in all major geographic regions on a constant-currency basis. Net income for the full year was $181.4m, compared to $416.2m in 2012. Net sales for the year of $4.03bn were up 6 percent over last year’s $3.79bn.