Tiffany & Co. reported a 13% leap in second-quarter direct marketing sales—to $43.9 million—compared with the same period last year.
Overall company sales totaled $442 million, an 18% increase over $374 million in the second quarter of 2002. And the New York-based jewelry retailer said it is on track to report a low-teens percentage increase in annual net sales.
Total sales went up by 16% during the first half to $838 million. However, that increase fell to 13% when considered on a constant-exchange rate basis.
Direct marketing sales enjoyed a 12% boost to $81 million during the first six months. Combined Internet/catalog sales increased by 21% during both the half and the quarter. The New York-based company attributed this to strong e- commerce sales.
Net earnings increased by 26% to $41.1 million during the second quarter, benefiting from an improved expense ratio and a lower effective tax rate.
In other results, the firm reported that:
*U.S. retail sales rose by 14% to $213 million during the quarter that ended on July 31.
*Comparable store sales increased by 9%.
*International retail sales jumped by 14% to $168.9 million.
*Business sales rose by 2% during the quarter but declined by a small amount in the first half.
CEO Michael J. Kowalski said in a statement that the firm had seen “some signs of economic improvement in the U.S. and around the world.”
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