Last month, luxury jeweler Tiffany & Co. exceeded industry analysts fourth quarter (Jan. 31) per-share earnings expectations thanks to some financial gymnastics (a.k.a. adjusted asset impairment costs) and Asian customers!
Over the years, I have posted about the growth of luxury brands in Asia: Luxury Brands Rock Asia and Asian Tiger Cubs. Total Asia-Pacific fourth quarter sales were $284 million; 9% above the prior year. In Japan, total fourth quarter sales rose 15% versus the prior year to $185 million. Tiffany operates 140 stores in Asia (85 in Asia-Pacific; 55 in Japan) or 45% of their worldwide 313 stores.
Note: In the Americas, total Tiffany’s sales in the quarter declined 3% to $587 million due to lower spending by U.S. customers and tourists.
Asia Loves Tiffany’s!