Tiffany & Co has seen a Christmas profit boost with worldwide net sales increasing by 8% to $1.05bn in the quarter ended December 31 2017.
These results have led the company to increase its net earnings guidance. This does not include effects that are expected to result from recent revisions to the US tax code.
The jewellery brand saw growth across regions and product categories, and comparable store sales rose 5%. Worldwide net sales rose 6% with comparable store sales up 3%.
In the Americas, total sales increased 7% to $516m and comparable store sales rose 6%. Management noted varying degrees of growth across most of the US, Canada and Latin America with higher spending attributed primarily to local customers.
In Europe, total sales rose 14% to $136m, reflecting the opening of new stores - some of which management believes had negative effects on existing store sales in those markets. Comparable store sales still rose 2%.