Tiffany Q3 profit jumps 63%, lowers Q4 outlook
New York City — Tiffany & Co. reported Tuesday that profit for the quarter ended Oct. 31 surged 63% to $89.7 million, compared with $55.1 million in the year-ago period. Strong global sales propelled the strong performance, but the jeweler cautioned that fourth quarter earnings, which include the key holiday selling season, could fall below expectations.
Revenue rose 21% to $821.8 million from $681.7 million a year ago, handily beating Wall Street’s expected $801.8 million in revenue.
In the Americas, sales grew 17% to $387.7 million. Same-store sales rose 16%. “Increased sales in all regions contributed to the continuation of strong worldwide sales growth in the third quarter,” said Michael J. Kowalski, chairman and CEO. In the Asia-Pacific region, sales increased 44% to $183.2 million in the third quarter. In Japan, sales increased 12% to $146.4 million, and in Europe, sales rose 19% to $92.5 million.
The company said it is on track to add 14 net new company-owned stores in fiscal 2011 including six in the Americas, three in Europe, six in Asia-Pacific and a net reduction of one store in Japan.
Dunkin’ Brands to open 27 new locations in Louisiana
Canton, Mass. — Dunkin’ Brands Group said Tuesday it has signed agreements to develop 25 new Dunkin’ Donuts and two Baskin-Robbins in Louisiana over the next several years.
Cities targeted for development include Baton Rouge, Shreveport and New Orleans.
"The state of Louisiana has been a priority growth market for Dunkin’ Brands in 2011 and we’re excited to expand our footprint in Baton Rouge, Shreveport and New Orleans," said Grant Benson, VP franchising and market planning, Dunkin’ Brands.
Dunkin’ Donuts said it is also looking to develop restaurants in Lake Charles, Lafayette, Monroe and Alexandria.
CiCi’s Pizza selects strategy partner to add 500 restaurants over 8-10 years
Coppell, Texas — CiCi’s Pizza said Tuesday it has partnered with strategic site modeling company Birchwood Resultants to add another 500 restaurants in the next eight to 10 years.
Birchwood Resultants has already begun developing CiCi’s new site model after conducting more than 22,000 guest surveys at 98 restaurants in 26 states, as well as site surveys to assess signage, co-tenants, site visibility and traffic patterns. The site model will also include competitive analysis and recessionary metrics. The model is in development now for full launch in January 2012.
"CiCi’s partnered with Birchwood Resultants to maximize our growth potential with a robust and easily updated site model that will help current and future CiCi’s franchise partners succeed," said CiCi’s Pizza chief development officer Bill Spae.