Tiffany & Co. reported a 2% drop in direct marketing sales and a 2% decline in holiday sales over one year ago.
Direct marketing sales were $51.2 million. Combined Internet and catalog sales increased 25%, while the business sales division declined 28%.
The high-end jewelry retailer said that net sales from Nov. 1 through Dec. 31 were $472.7 million, down 2% from last year.
“Considering the challenging external environment, we are pleased with these holiday season results, which in total, exceeded our expectations for the season,” Michael J. Kowalski, president and chief executive, said in a statement. “While customers continued to exhibit varying degrees of restraint in their holiday spending, there was a noticeable improvement in store traffic as the holiday season progressed.”
The company said that it expects fourth-quarter and full-year earnings to be at the upper end of its forecast due to changes in product sales mix and ongoing expense controls.