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Tiffany & Co. Management Discusses Q2 2012 Results - Earnings Call Transcript

During the quarter, we added one store in the Americas when we opened our ninth store in Mexico in the Altavista neighborhood of Mexico City. In the second half of the year, we will be adding 3 stores in the U.S., 1 in Brazil and 5 in Canada, which now includes converting from wholesale distribution 4 Tiffany boutiques in Holt Renfrew department stores into company-operated locations.

Turning to the Asia Pacific region, total sales rose 1% in the second quarter, resulting from increased unit volume with an offsetting decline in the average price per unit sold. On a constant-exchange-rate basis, total sales increased 3%, and comp store sales in local currencies declined 5%, which compared with an extraordinary 41% comp increase in last year's second quarter. Australia posted the strongest growth in the quarter in contrast to softness in Hong Kong tied to restrained Chinese consumer spending and softness in Korea.

We remain enthusiastic about Tiffany's longer-term potential in China, and we continued to expand our store base in the second quarter by opening our 18th and 19th stores there, one in Nanjing and the other in Shanghai's Grand Gateway mall, which represents our fifth store in that city. We have 5 additional stores on track to open in the Asia Pacific region in the second half of the year.

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