Tiffany says Japan disaster will hurt sales

Sales in Asia-Pacific drive strong results for Tiffany & Company, but the jeweller says the earthquake and tsunami will cause first-quarter sales in Japan to drop 15%.
Window shopping at Tiffany's
Window shopping at Tiffany's

Sales at Tiffany Company improved by 14% for the fiscal year ended January 31, 2011, but the jeweller has warned that reduced sales in Japan in the aftermath of the recent natural disaster will take a toll on 2012 forecasts.

On the back of a 14% growth in worldwide sales to $3.1 billion, Tiffany grew earnings by 39% to $368.4 million. In the fourth quarter specifically, global sales increased by 12% to $1.1 billion and earnings grew by 31% to $181.2 million.

Japan is such an important market for the luxury goods company that it breaks out Japan sales, which were up 7% over the previous year,...

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