Tiffany Swings to Q4 Profit

Tiffany & Co moved into the black in the fourth quarter even though sales declined. For the three months ended Jan. 31, net income was $196.2 million, or $1.51 a diluted share, against a net loss of $103.6 million, or 81 cents, a year ago. The year ago quarter included a charge of $480.2 million in connection with an arbitration award that is the subject of an appeal. Net sales slipped 1 percent to $1.29 billion from $1.30 billion. Michael J. Kowalski, chairman and chief executive officer said that the company in 2014 expanded its store base, introduced compelling new jewelry designs and strengthened customer awareness. RELATED CONTENT: WWD Earnings Tracker >>

Follow WWD on Twitter or become a fan on Facebook.

Read More...