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.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BAsda and Deliverect Deepen Partnership to Power Rapid Delivery Across Asda Express
SQUATWOLF’s Kuwait Flagship Store Anchors Its Regional Growth Ambitions
Global beauty icon Ulta Beauty to make Riyadh debut at Panorama Mall
/ 
For decades, Haldiram’s built deep recall across the UAE through its packaged
When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
In a move that blurs the line between shopping and investing, Apparel
/ 
Why cinemas, wellness sanctuaries and cultural districts are becoming emotional infrastructure for
In a retail landscape dominated by shelves stacked with finished products, Oo
Pure Gold Jewellers, one of the region’s leading jewellery retail brands, today
Ulta Beauty’s arrival in the Middle East is not simply another international
European denim powerhouse JACK & JONES is making a decisive return to
From bullion to boutiques, investment to immersion, Dubai Gold District marks a
The opening of New Balance’s first-ever Grey store in the Middle East
LOJEL, the global brand celebrated for its design-forward luggage and everyday carry
As youth culture reshapes the global retail playbook, Majid Al Futtaim is
Previous Article
