Tiffany Q1 profit flat, cuts forecast; will open 24 stores
New York — Tiffany & Co. reported Thursday that profit for the first quarter was essentially flat at $81.5 million, compared with $81.1 million in the year-ago quarter, prompting the jeweler to reduce its forecast for both sales and profit for the year.
Worldwide revenue increased almost 8% to $819.2 million in the quarter, topping Wall Street’s estimates of $817.1 million in revenue. Same-store sales rose 4%.
Tiffany said it now projects that sales globally will be up 7% to 8%, instead of the originally forecasted 10% rise.
For fiscal year 2012, the company said it is on track to add 24 stores – comprised of nine in the Americas, eight in Asia-Pacific, two in Europe, and five in the United Arab Emirates. Four of these stores were opened in the first quarter.
A.T. Kearney: $12 trillion in new consumer spending in next 10 years
Chicago — A new study of global wealth and spending patterns by A.T. Kearney’s Global Consumer Institute projects $12 trillion in new consumer spending over the next decade, with the United States accounting for 25% of the spending growth. Spending on food will account for about 10% of the overall total.
The A.T. Kearney Consumer Wealth and Spending Study is based on a detailed statistical and economic analysis of 70 consumption categories in 86 countries – over a period of 30 years (1990 – 2020) as well as 3,000+ social/economic variables.
According to Hana Ben-Shabat, A.T. Kearney partner and study co-leader, “One of the key findings of the study is that consumers behave predictably as a country’s wealth increases and consumption patterns mature. The study found that there are 12 spending patterns globally that are distinct, concise and have been stable over a long period of time.”
To view the A.T. Kearney Consumer and Wealth Study Report go to ATkearney.com.
Lowe’s to donate $50K to winner of Facebook design contest
MOORESVILLE, N.C. — Lowe’s is asking its Facebook fans to vote on their favorite design in the 2012 Lowe’s Designer Challenge and help one of the nation’s top lifestyle experts win $50,000 for the charity of their choice. Elaine Griffin, Danny Seo and Marcela Valladolid designed spring vignettes using Lowe’s latest line of outdoor living products for spring and summer entertaining.
Their designs will be featured on the Lowe’s Facebook page through June 6, and fans are encouraged to vote for their favorite space. Lowe’s will donate a total of $100,000 to charity as part of the challenge. Each designer’s charity of choice will receive a $25,000 donation, and the designer with the most Facebook votes will receive an additional $25,000.
Griffin, a contributing editor for Better Homes and Gardens and author of “Design Rules: The Insider’s Guide to Becoming Your Own Decorator,” featured the theme “L’Orangeire NYC.” She was designing on behalf of Kips Bay Boys & Girls Club, which addresses many critical needs of children, adolescents and young adults in New York.
Seo, an environmental lifestylist who is the author of eight bestselling books and Today Show contributor, created a Modern Lux Outdoor Sit In Theatre. He designed for the Yum-o! organization, a nonprofit created by Rachael Ray that empowers kids and their families to develop healthy relationships with food and cooking by teaching families to cook, feeding hungry kids and funding cooking education and scholarships.
Marcela Valladolid, the author of two best-selling cookbooks and host of her own Food Network show, “Mexican Made Easy,” highlighted the colors and textures of Baja in her vignette. Her charity, Olivewood Gardens, provides science-based environmental education and hands-on gardening and cooking lessons to students and families from underserved communities.