Tiffany & Co reports Q4 loss due to unfavourable arbitration ruling

April 7, 2014 | By RetailME Bureau

US-based luxury jewellery retailer Tiffany & Co., in which the Qatar Investment Authority (QIA) owns an 8.7% stake, reported fourth quarter results that were up on an on-going basis despite economic environment, but were turned into a loss by an unfavourable arbitration ruling. The company incurred a net loss of $103.6 million for the quarter ended January 31, 2014 (fiscal 2013), compared to net income of $179.6 million in the fourth quarter of fiscal 2012.

The current year fourth quarter included a net charge of $473 million pre-tax ($293 million after tax) related to an adverse arbitration ruling in favour of The Swatch Group Ltd. Without the unfavourable arbitration ruling, Tiffany & Co.’s quarterly net income would have been $189.8 million, up 6% over last year’s $179.6 million.

Net sales for the quarter stood at $1.30 billion up 5% over last year’s $1.24 billion. Sales were up in all major geographic regions on a constant-currency basis. Net sales for the year of $4.03 billion were up 6% over last year’s $3.79 billion.

“We are proud of our performance this past year. Sales and operating earnings (excluding the arbitration-related charge) rose to record levels. Sales growth was led by fine and statement jewellery, new or expanded jewellery collections including Atlas, Ziegfeld and Harmony collections, and continuing strength in our iconic jewellery designs,” says Michael J. Kowalski, Tiffany & Co.’s chairman and CEO.



Previous Article Next Article



Lulu Group partners with Amazon expanding grocery offerings to online customers in the UAE

Abu Dhabi based grocery retail chain Lulu Group has partnered with Amazon 

Continue Reading

November 24, 2022 | By RetailME Bureau
Food Tech Valley partners with Tradeling to boost UAE’s food ecosystem

UAE-government-led initiative Food Tech Valley – announced in 2021 by His Highness 

Continue Reading

November 17, 2022 | By RetailME Bureau
Lulu Hypermarket to open in The Dubai Mall in 2023

Abu Dhabi-based supermarket chain Lulu Hypermarket is all set to open in 

Continue Reading

November 10, 2022 | By Rupkatha B
Beyond Meat’s Q3 2022 results “disappointing”

Plant-based meat brand Beyond Meat’s financial results for the third quarter of 

Continue Reading

November 10, 2022 | By RetailME Bureau
Barakat unveils new biodegradable packaging

UAE’s fresh produce brand Barakat has launched bio-degradable packaging across its entire 

Continue Reading

October 27, 2022 | By RetailME Bureau
Pure Harvest CEO Sky Kurtz

UAE-based agritech start-up Pure Harvest Smart Farms has signed a Memorandum of 

Continue Reading

October 27, 2022 | By RetailME Bureau
Carrefour signed up as anchor tenant for Midtown Project

Carrefour, owned and operated by Majid Al Futtaim – Retail in the 

Continue Reading

October 27, 2022 | By RetailME Bureau
Grandiose Supermarket announces country-wide expansion plans

Grandiose Supermarket, part of Ghassan Aboud Group, has announced expansion plan in 

Continue Reading

October 26, 2022 | By Rupkatha B
100 years of Valrhona

The Valrhona journey began 100 years ago with a cocoa bean. Since 

Continue Reading

October 24, 2022 | By Justina Eitzinger
On-demand grocery delivery in 15 mins

Deliveroo UAE has announced the expansion of its rapid grocery delivery service 

Continue Reading

October 24, 2022 | By RetailME Bureau
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment

The Ministry of Climate Change and Environment (MOCCAE) revealed that the UAE 

Continue Reading

October 17, 2022 | By RetailME Bureau

Abu Dhabi-based leading supermarket chain Lulu Group has appointed investment bankers Moelis 

Continue Reading

October 13, 2022 | By RetailME Bureau

Download Images RetailME Magazine