In Europe, total sales rose 3 percent to $146 million in the fourth quarter due to mixed performance by country and also rose 3 percent to $432 million or 11 percent of worldwide sales in the full year. On a constant exchange rate basis, total sales rose 3 percent and 7 percent in the quarter and full year respectively. Revenue at stores opened at least year were unchanged in the quarter and rose 2 percent in the full year.
The New York-based jewelry company also says it expects its first-quarter earnings from operations will fall about 15 percent to 20 percent as a result of profitability pressures and higher marketing costs, but pick up later in the year.
For the current year, Tiffany expects sales growth of 6 percent to 8 percent, which means that sales are expected to be anywhere from $4.02 billion to $4.09 billion. Analysts project $4.02 billion
It expects full-year earnings of $3.43 per share to $3.53 per share. Analysts expect $3.46 per share.
Tiffany shares rose $1.32, or 1.9 percent, to close at $69.23 Friday.