Tiffany profit slips in Q4, plans 24 new stores for 2012
New York City -- Tiffany reported Tuesday that its fourth-quarter profit slipped to $178.4 million from $181.2 million last year. Revenue met expectations, rising nearly 8% to $1.19 billion.
For the year, net earnings surged 19% to $439 million, and sales rose 18% to $3.6 billion.
The jewelry retailer said it plans to open 24 new stores in 2012, including nine in the Americas, seven in Asia-Pacific, three in Europe and five in the United Arab Emirates. It plans nine new stores in 2013.
“We remain focused on successfully executing our long-term strategies and pursuing Tiffany’s substantial global growth potential in 2012 and beyond,” said Michael J. Kowalski, chairman and CEO.