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By
Reuters
Published
Jan 11, 2011
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Tiffany raises outlook on 11 pct holiday sales gain

By
Reuters
Published
Jan 11, 2011

Jan 11 - Tiffany & Co's sales over the holiday season rose in every region of the world where it operates jewelry stores, prompting the retailer to raise its full-year profit forecast.

Tiffany & Co.
Interior of Tiffany's store at 37 Wall Street, New York

For November and December, net worldwide sales at Tiffany rose 11 percent to $888.5 million.

Sales rose most sharply in Asia, excluding Japan, soaring 23 percent to $138.9 million. In North and South America, they were up 9 percent at $484.8 million, including a 3 percent rise at Tiffany's flagship store on Manhattan's Fifth Avenue.

Sales continued to climb in Europe, gaining 13 percent.

Sales even rose in Japan, where results have languished in recent quarters, jumping 3 percent after factoring currency exchange rate changes.

Citing strong holiday results, Tiffany raised its profit forecast for the fiscal year ending Jan. 31, to net earnings from continuing operations of between $2.83 and $2.88 per share, up from its earlier view of $2.72 and $2.77 a share.

Tiffany said it was on track to reach sales of $3.1 billion for the current fiscal year.

(Reporting by Phil Wahba, editing by Maureen Bavdek)

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