A leading global jeweller confirmed yesterday (27th November) that its sales in Europe jumped considerably during the third quarter of 2008.

Tiffany & Co posted a European sales increase of 16 per cent to £37.6 million for the three months to 31st October despite a slide in US sales, which fell by seven per cent to £214.5 million.

Although the retailer's overall worldwide sales also shrank by one per cent to £399.6 million, it reported a "high level of profitability in the third quarter".

Tiffany Chairman and Chief Executive Michael Kowalski said: "Customers have adjusted their spending in reaction to economic conditions and near-term uncertainties.

"It is impossible to know when consumer confidence will be restored. However, even in trying times like these, we believe customers will continue to seek classic, timeless designs that do not go out of style and can be worn and enjoyed for years to come."

The jeweller also posted a three per cent leap to £133.2 million for its Asia-Pacific sales and a gross profit of £225 million - an increase of £4.2 million from the previous year.

Source:

Tiffany sales up 16% in Europe (27/11/08)
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