Yesterday, I posted about Costco's big quarter and talked about how it was indicative of discounters, grocers and warehouse clubs thriving in the current economic climate. It turns out luxury retailers aren't doing so shabbily either. Tiffany recorded a 19 percent jump in profits.
Total sales in the Americas region, which includes the U.S., Canada and Latin and South America, rose 6 percent to $373.6 million from $353.3 million in the year-ago period due to incremental sales from new stores. Same-store sales, or sales at stores opened at least a year, in the U.S. were unchanged from the prior year.
Same-store sales rose 16 percent in Tiffany's New York flagship store due to increased foreign tourist spending, but same-store sales at branch stores fell 4 percent. Combined catalog and Internet sales in the U.S. rose 1 percent.
Sales in the Asia-Pacific region, which includes business in Japan, in Asia-Pacific countries outside of Japan and in the Middle East, rose 21 percent to $222.0 million from $183.1 million. On a constant-exchange rate basis, sales rose 10 percent and same-store sales increased 4 percent reflecting strong growth in all Asia-Pacific countries other than Japan.