Tiffany net up 29%

Net sales jumped to $1.1 billion

New York City -- Tiffany & Co. said fourth-quarter earnings rose 29% as net sales jumped 12% to $1.1 billion. The company earned $181.2 million in the quarter compared with $140.4 million in the year-ago period. The latest quarter includes from the pending relocation of Tiffany's New York headquarters staff.

For the full year, worldwide net sales increased 14% to $3.1 billion. Net earnings from continuing operations rose 39% to $368.4 million.

In 2011, Tiffany plans to open 21 stores across the Americas, Europe and Asia-Pacific. The company said it expects sales in Japan to decline 15% in the first quarter on store closings and limited store hours because of the earthquake and ensuing tsunami on March 11.

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