Tiffany & Co revealed today (22nd March) that its jewellery sales for the 2009 holiday season rose by almost 400 per cent.

The New York-based retailer, which sells a number of fine platinum pieces, saw fourth-quarter earnings increase to $138.2 million (£92.1 million) on a year-on-year basis.

In addition, the company's net full-year sales declined by five per cent to $2.71 billion, while comparable-store sales were down by eight per cent, when adjusted for exchange rate changes.

"Notwithstanding the global economic challenges over the past year, the decisive measures we took to control spending were successful," said Chairman and Chief Executive Michael J Kowalski.

Tiffany reported that its comparable-store only rose by a disappointing three per cent in the Asia Pacific region, with increases of 11 per cent and 14 per cent recorded in North America and Europe respectively.

The company blamed its fourth-quarter earnings of $1.09 per share - which was lower than analysts' expectations of $1.13 per share - on "increased wholesale sales of rough diamonds that generate little, if any, profit".

Tiffany & Co was founded in 1837 by Charles Lewis Tiffany and Teddy Young as a "stationery and fancy good emporium".

Sources:

Tiffany reports strong holiday sales (22/03/10)

Tiffany To Report Q4 Results: Earnings Preview (22/03/10)

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