— Tiffany & Co. (NYSE: TIF) reported its fourth-quarter 2019 adjusted earnings of $1.80 per share versus $1.77 per share expected.
— Worldwide net sales increased by 3% to $1.4 billion versus $1.36 billion expected.
— Comparable sales rose by 3% from the prior-year period. On a constant-exchange-rate basis, both sales and comparable sales increased by 3% year-over-year.
— The company attributed the acceleration across most of its markets to focus on elevating sales mix towards higher value items within each jewelry product category, with the largest growth being in gold and gold and diamond offerings.
— In the Americas, net sales increased 4% due to an increase in spending by local customers and a 3% rise in comparable sales.
— Asia-Pacific net sales grew by 8% helped by higher wholesale sales, double-digit growth in the Chinese Mainland and mixed performance in other markets in the region. In Japan, net sales fell 8%, while Europe registered a 4% increase.
— Tiffany opened nine company-operated stores in the full year and closed four. On January 31, 2020, the company operated 326 stores (124 in the Americas, 91 in Asia-Pacific, 58 in Japan, 48 in Europe, and five in the UAE).
— The primary focus now is on preparing company, business, and communities for the Covid-19 pandemic and the return to normal operations. The company had to temporarily close or shorten operating hours of certain stores around the globe.
— Due to the pending completion of the Merger, the company will not be communicating an outlook for the full year. In light of the merger, the company will not conduct a conference call to review its fourth-quarter results.
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