Tiffany expects at low end of forecast, on weak holiday sales growth
Tiffany’s, the world’s second- largest luxury jewelry retailer, said full-year earnings will be at the low end of its forecast after holiday sales growth slowed in the Americas and Asia. Sales in November and December rose 4 percent to $992 million worldwide. That was slower than the 7 percent gain Tiffany recorded in the same period a year earlier.
In the Americas, which includes the U.S., Canada and Latin America, Tiffany’s holiday sales rose 3 percent. Sales in the region increased 4 percent a year earlier. In Asia, sales growth shrank to 13 percent from 19 percent a year earlier. European sales gained 2 percent, compared with an increase of 1 percent a year ago.
“Due to uncertainty about general economic conditions in all our major markets, management is planning sales growth conservatively for 2013,” Tiffany’s CEO Michael Kowalski said in the statement. Tiffany projects earnings growth in 2013 of 6 percent to 9 percent.