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.
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