Tiffany Same-Store Sales Drop 24%
New York City Proving that the luxury sector isn’t immune to the economic downturn, Tiffany & Co. reported Wednesday that its same-store sales for the holiday season slid 24%.
Tiffany also warned that its fourth-quarter profit would be pulled down by the lackluster holiday same-store sales performance and cut its full-year earnings forecast again.
Tiffany’s same-store sales results exclude the conversion of foreign currency sales into U.S. dollars.
Total sales for the November through December period dropped 20%, while worldwide sales fell 21% to $687.4 million.
Same-store sales slipped 35% in the Americas, with total sales off 30% to $385.9 million. For the Asia-Pacific region, same-store sales dipped 13% on a constant exchange-rate basis. Total sales edged down 2% to $216 million. European same-store sales declined 3% on a constant exchange-rate basis, while total sales fell 4% to $79.2 million.
“The holiday season represents the largest portion of fourth-quarter sales, so we do not expect any improvement for the quarter that will end on Jan. 31. Based on that, net earnings will decline in the fourth quarter,” chairman and CEO Michael Kowalski said in a statement.
Tiffany plans to report results on March 23.
Colorep names Anthony to board
RANCHO CUCAMONGA, Calif. Colorep, a leader in sustainable textile solutions, announced that it has named David Anthony to its board of directors.
Larry Levy, Colorep’s chairman and CEO, stated “We are delighted to have David Anthony joining Colorep’s board. He brings extensive experience in building great companies in the clean technology field. I look forward to growing Colorep with David on our team.”
As managing director of 21 Ventures, Anthony sits on the board of Agent Video Intelligence, 3GSolar, BioPetroClean, Juice Wireless, VOIP Logic, WorldWater & Solar Technologies.
Riley named to TWE board of directors
ALBANY, N.Y. Trans World Entertainment announced that Bryant Riley has been appointed to the company’s board of directors. Riley is currently the managing member and founder of Riley Investment Management LLC and founder and chairman of B. Riley & Co., LLC, a Southern California-based brokerage and investment banking firm.
“Bryant Riley brings extensive experience and a history of strong leadership to the company’s board of directors,” commented Robert Higgins, chairman and CEO of Trans World Entertainment.
Riley will fill the vacancy created by the retirement of Marty Hanaka from the board of directors.