Tiffany & Co. reported net earnings of $82.7 million for its fourth quarter, a 2% drop from $84.7 million for the same period last year.
Net sales for the quarter ended Jan. 31 declined 2% to $565.8 million from $576.4 million in fiscal 2001.
For the year, the New York-based company posted net earnings of $173.6 million, a 9% drop from $190.6 million the year before. Net sales of $1.6 billion were 4% lower than the $1.7 billion in the prior year.
Direct marketing sales increased 2% to $61.4 million in the quarter and 3% to $160.7 billion in the year. Combined catalog and Internet sales increased 30% and 23% in those periods.
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