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.
Tiffany & Co. Management Discusses Q2 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.