Japan tarnishes Tiffany outlook |
| Financial Times - Mar 21, 2011 |
Tiffany, the US jeweller, on Monday lowered its first-quarter earnings forecast while projecting a drop in sales in Japan in the aftermath of the earthquake and tsunami.
The company said that it now expected earnings of 57 cents a share, down from its earlier forecast of 62 cents. Japan represents 18 per cent of Tiffany’s worldwide sales.
Michael Kowalski, Tiffany’s chief executive, said that he expected Japan sales to fall by 15 per cent in the first quarter with worldwide sales rising by 11 per cent. The projected decline comes as the country had been staging a comeback, with comparable store sales rising by 1 per cent in the fourth quarter, excluding currency swings, after falling by 9 per cent in the same period of 2009.
Tiffany operates 56 stores in Japan, making it the company’s largest market outside of the Americas. Most of the stores that were closed last week reopened over the weekend.
Read Full Article from Financial Times
- Posted: 2011-03-21 10:58:58
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