Tiffany sales in Europe up 25% in Q1

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Tiffany expects further growth & plans to open 2 more European stores.

Tiffany & Co sales in Europe rose 25 percent to $66.8 (£46.2) million in Q1. On a constant-exchange-rate basis, sales rose 19 percent and comparable store sales rose 14 percent, with the strongest growth across continental Europe.

The luxury jewellery brand has opened three stores in Europe in the past year and plans to open two more in fiscal 2010.

Worldwide Tiffany sales rose 22 percent to $633.6 (£438.1) million from $517.6 (£357.9) million in last year’s first quarter. Growth was highest in the Asia-Pacific region, where sales doubled to $122.3 (£84.6) million.

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Growth was lowest in Japan, which showed an overall drop in sales in Q1 of two percent to $115 (£79.5) million, a decline of 10 percent in comparable store sales.

Tiffany chairman and chief executive Michael J. Kowalski said: "We are taking advantage of opportunities related to store expansion, new product introductions and expanded marketing communications in order to grow Tiffany’s worldwide presence and market share.

He added: “We are very encouraged with first quarter results, but believe it is prudent to maintain at least a modicum of caution in our outlook due to global economic uncertainties.”

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