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A new collection of Teru jewelry by local designer Laurie Ito will be on sale from 10 a.m. to 5 p.m. tomorrow at Nui Mono. Ito’s current collection is inspired by sea, earth and sky.
In addition, Nui Mono is holding its annual Christmas sale through Dec. 13, with natural fiber clothing and unique gifts at 20 percent off. Information: 946-7407 or nuimono@msn.com.
ROBERTA OAKS’ NEW ATELIER
We remember the days when Honolulu fashion designer Roberta Oaks was selling her collection from the back of a van or off racks set up on North Shore beaches. Now she has hit the big time, and her feminine line of dresses, separates and bikinis is sold all across the Mainland and in many of the Islands’ most hip boutiques.
Join her as she celebrates her next adventure, opening a work and retail space in Chinatown. She’s having a grand opening party from 5:30 to 10 p.m. Friday, Dec. 4, at 19 North Pauahi St. Information: www.robertaoaks.com.
THINGS JAPANESE
The Things Japanese sale at the Japanese Cultural Center of Hawai’i in Mo’ili’ili offers unique Japanese clothing, dish sets, antique items and collectibles for the holidays and beyond. A few treasures: antique kimono and obi and rare ningyo (dolls) in their original glass cases. Catch it from 10 a.m. to 4 p.m., today through Dec. 5. Admission is free.
HOLOHOLO IN CHINATOWN
The Chinatown Arts District and Merchant Association is holding an open house with shopping opportunities for holiday gift giving today and tomorrow. There will be a craft fair, antique jewelry sale, Christmas sidewalk sale, special reduced prices, holiday gift boxes and holiday treats at neighborhood restaurants.
Stop at the shops, restaurants and galleries on Nu’uanu Avenue and Hotel and Bethel streets.
INDASHIO RETURNS
Expect a lot of hype and hoopla when Indashio, the one-name designer from Massachusetts who now works out of New York, presents his Spring 2010 “Jet Set” collection at 8 p.m. Dec. 5, at Aloha Tower Waterfront. Since we saw him last, he has appeared on VH1’s “Glam God” reality show, in addition to his Fashion Week showings — and he’s on MySpace, www.myspace.com/indashio.
To see his fashions, get tickets, $20 (standing room) to $100 (VIP seating and after party), at www.honoluluboxoffice.com.
For gifts funky and fab, check Ryan Michael’s
Thanks to a girlfriend with great taste, we found a little treasure trove of unusual gifts at an unlikely location. At Ryan Michael’s, 430 Sumner St., ‘Iwilei (the Senetics building), you’ll find an eclectic mix of fab items that are clearly the vision and personal taste of its owner, Frieda Sen, including mod photo frames, an amazingly inexpensive collection of Japanese gift items, baby shower gifts, unusual cookbooks, Italian bread dipping herbs, smoked halibut and a line of organic bath and beauty products from Bend, Ore.
We loved these funky shoe and slippah photo frames ($12.50 and $5.50) and the little fridge magnet ($2.50) for the shoe lover in all of us. A great girlfriend gift for the holidays. Information: 531-9788.
Reach Paula Rath at paularath@aol.com.
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2010 JAN 6 – (VerticalNews.com) — Amazon (NASDAQ: AMZN) announced a FREE Two-Day tiffany jewelry on sale shipping offer for Kindle, Amazon’s hottest gift this season, just in time for delivery by Christmas Eve. Amazon also announced that December is already the best month ever for Kindle sales. Kindle is the #1 bestselling, most wished for, and most gifted product across all of Amazon. As the holiday approaches, customers still looking for the perfect gift can order Kindle for shipment in the continental United States between now and Dec. 22 and receive FREE Two-Day Shipping for delivery on or before Dec. 24, compliments of Amazon. Kindle is available for free expedited shipment today for $259 at www.amazon.com/kindle.
“We’ve made it even easier and faster for gift-givers to order Kindle. Kindle is available today with FREE Two-day Shipping in time for Christmas,” said Ian Freed, vice president, Amazon Kindle. “Kindle is the gift for readers. Now you don’t have to guess which books to give someone – with Kindle, you can give them the gift of choosing over 390,000 books and more than 100 top newspapers and magazines from around the world and begin reading them in less than 60 seconds.”
To take advantage of this offer, customers simply add Kindle to their Shopping Cart and select FREE Two-Day Shipping.
Kindle is available for immediate FREE Two-Day Shipment today for $259 at www.amazon.com/tiffany jewelry sale. About Kindle Kindle is the revolutionary portable reader that wirelessly downloads books, magazines and newspapers to a crisp, high-resolution 6-inch electronic ink display that looks and reads like real paper. Kindle utilizes the same 3G wireless technology as advanced cell phones, so users never need to hunt for a Wi-Fi hotspot. Kindle is the most wished for, the most gifted, and the #1 bestselling product across the millions of items sold on Amazon. About Amazon.com Amazon.com, Inc. (NASDAQ: AMZN), a Fortune 500 company based in Seattle, opened on the World Wide Web in July 1995 and today offers Earth’s Biggest Selection. Amazon.com, Inc. seeks to be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices. Amazon.com and other sellers offer millions of unique new, refurbished and used items in categories such as Movies, Music & Games; Digital Downloads; Electronics & Computers; Home & Garden; Toys, Kids & Baby; Grocery; Apparel; Shoes & Jewelry; Health & Beauty; Sports & Outdoors; and Tools, Auto & Industrial.
Amazon Web Services provides Amazon’s developer customers with access to in-the-cloud infrastructure services based on Amazon’s own back-end technology platform, which developers can use to enable virtually any type of business. Examples of the services offered by Amazon Web Services are Amazon Elastic Compute Cloud (Amazon EC2), Amazon Simple Storage Service (Amazon S3), Amazon SimpleDB, Amazon Simple Queue Service (Amazon SQS), Amazon Flexible Payments Service (Amazon FPS), Amazon Mechanical Turk and Amazon CloudFront.
Books for the Kindle are sold through Amazon Digital Services, Inc.
Whatcom County retail sales continued their plunge over the summer, with many communities north of Bellingham being the hardest hit.
Retail sales in Whatcom County totaled $755.3 million in the third quarter, down 12.1 percent earrings to the same period in 2008, according to the Washington State Department of Revenue.
Across the state, retail numbers were down 11.6 percent year over year to $26.4 billion. Retail trade, a subset of overall sales that focuses on purchases made in stores, was down 6.2 percent in Whatcom County and down 6.1 percent in Washington.
It’s the fourth straight quarter of double-digit declines in local retail sales. Whatcom’s retail sales were down 11.7 percent year over year in the second quarter, 12.7 percent in the first quarter and 10.6 percent in the fourth quarter of 2008.
Bellingham fared better than nearly all of the other Whatcom County communities. Retail sales declined 8.7 percent in the city, while necklaces trade dropped 5.7 percent. The hardest hit community was Ferndale, which saw overall sales tumble 26.8 percent year over year. Retail trade in Ferndale was down 11.7 percent.
Broken down by industry, local auto sales were one of the bright spots, posting a 7.3 percent increase year over year. The industry saw more activity as consumers took advantage of the federal cash-for-clunkers program. Most other industries were either flat or down, including clothing/jewelry (down 18.2 percent), building materials (down 13.9 percent) and furniture (down 11.5 percent).
Across the state, retail sales in construction dropped a whopping 25 percent year over year while building materials fell 14 percent.
Retail sales for the fourth quarter of 2009 are expected to be released this tiffanys. The Department of Revenue waits until all businesses have reported before sending out its totals.
——
RETAIL SALES BY COMMUNITY
A look at how selected communities fared in overall retail sales and retail trade (sales that took place in stores) in the third quarter of 2009 and the percent change from the third quarter of 2008:
Whatcom County: $755.3 million, down 12.1 percent. Retail trade: $349.3 million, down 6.2 percent.
Bellingham: $492.3 million, down 8.7 percent. Retail trade: $275.7 million, down 5.7 percent.
Blaine: $32.3 million, down 17.5 percent. Retail trade: $8.1 bangles, down 7.3 percent.
Everson: $5.3 million, down 13 percent. Retail trade: $2.1 million, down 3.4 percent.
Ferndale: $33.8 million, down 26.8 percent. Retail trade: $12.8 million, down 11.7 percent.
Lynden: $45 million, down 15.2 percent. Retail trade: $18.4 million, down 7.5 percent.
Nooksack: $2.1 million, down 16.6 percent. Retail trade: $829,795, down 14.6 percent.
Sumas: $3.7 million, up 1.2 percent. Retail trade: $1.4 million, up 3.3 percent.
SOURCE: Washington Department of Revenue
Reach DAVE GALLAGHER at
N.E.W. Customer Service Companies Inc. (NEW) has been named a finalist in the “tiffany pendant Service Department of the Year” category for the 2010 Stevie(R) Awards for Sales and Customer Service and is a candidate in the retail category for the People’s Choice Stevie Award for Favorite Customer Service. NEW is a leading provider of extended service plans, buyer protection services and product support and has been helping retailers and consumers with customer care solutions and services for more than 26 years.
“Through NEW’s robust training programs and advanced technology, our customer care team is equipped to go above and beyond to make sure each customer experience is a positive one,” said Raymond Zukowski, senior vice president of customer experience. “When a customer calls, the person is unhappy because his or her product has failed. The No. 1 priority for our customer care representatives is to get the customer’s product back in working order by troubleshooting the issue over the phone or arranging for repair or replacement.”
NEW partners with retailers and manufacturers to deliver outstanding customer service and support on a wide variety of products including consumer electronics, appliances, outdoor power equipment and jewelry. With more than 4,000 customer care representatives, NEW handles millions of calls each year, offering customers extensive product support, troubleshooting expertise and real-time service scheduling. NEW also has a large servicer network of more than 25,000 qualified, prescreened service and installation providers who respond to service tiffany earring throughout the country.
“Being named a finalist in the Stevie Awards for Sales and Customer Service is an important achievement,” said Michael Gallagher, president of the Stevie Awards. “It means that independent business executives have agreed that the nominee is worthy of international recognition. We congratulate all the finalists on their achievement and wish them well in the competition.”
Voting for the People’s Choice Stevie Award is open until Feb. 12, and the public can vote for NEW in the retail category by visiting http://tinyurl.com/NEWpeopleschoice. Winners will be announced during a gala banquet on Monday, Feb. 22, at the Eden Roc Renaissance Hotel in Miami Beach, Fla.
About N.E.W. Customer Service Companies Inc. (NEW)
NEW is the leading provider of extended service plans, buyer protection services and product support, providing coverage to more than 150 million consumers. Founded in 1983, NEW offers retailers and manufacturers innovative, customizable solutions for the delivery of customer service and support throughout the consumer ownership experience. NEW’s services provide revenue opportunities while building customer loyalty at every touch point — from purchase through trade-in to next purchase. Based in Sterling, Va., NEW operates 10 U.S.-based call centers and nine Work-at-Home locations supported by a team of more than 5,800 employees. For more information, please visit NEW at www.newcorp.com or call 1-800 WHAT’S NEW (1-800-942-8763).
About The Stevie Awards
Stevie Awards are conferred in four programs: The American Business Awards, The International Business tiffany keyring, The Stevie Awards for Women in Business and The Stevie Awards for Sales & Customer Service. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about The Stevie Awards at www.stevieawards.com.
Sponsors of the 4th annual Stevie Awards for Sales & Customer Service include official publications Sales & Marketing Management and Training magazines, as well as the Sales Association, SalesLabs and ValueSelling Associates.
Tiffany & Co. (NYSE:TIF), at its first meeting for security analysts since it went public May 5, said Friday that tiffanys sales results were gratifying and the third quarter ”is off to a good start, with same store sales continuing the strong trend of the first six months.”
The company also said it is optimistic for the rest of the year.
In the first half of 1987, net sales increased by 31.2 percent over the prior year. U.S. retail sales rose by 24.8 percent, direct marketing sales increased by 28 percent and international retail sales rose by 94.5 percent.
Earnings before an extraordinary charge in the first six months ended July 31 were $3,459,000, or 37 cents per share, which compared to a loss of $1.3 million, or 18 cents per share, in the first half of 1986.
Tiffany said it intends to grow by focusing on its U.S. retail, international retail and direct marketing businesses. The company introduced a new fragrance, ”Tiffany,” this week and is celebrating its 150th anniversary with major events planned throughout the United States, Europe and Japan.
In a speech made today to security analysts at a ”Breakfast at Tiffany’s” in the company’s flagship store on Fifth tiffany bangles, Chairman William R. Chaney said, ”U.S. retail operations have enjoyed significant success this year — with same store sales already up 24 percent in the first half of fiscal 1987.
”Our goal is to grow comparable store sales at rates exceeding the industry average. We are studying new store openings in the U.S. and we will expand our trade division, where Tiffany products are sold through premier jewelers in 95 locations throughout the United States where there are no Tiffany stores.
”On the international side, we are opening a store in Munich in October, and are broadening our Japanese distribution through the prestigious Mitsukoshi department stores and through a distributor. We are also studyiing the feasibility of Tiffany stores in Zurich, Dusseldorf, Milan and other cities,” Chaney continued.
Catalog sales are also growing at a very healthy rate. Tiffany intends to increase its catalog mailings by 15 to 20 percent per year, Chaney said. The company mailed more than 5 million catalogs last year.
Thomas A. Andruskevich, chief financial officer, emphasized that ”Our cash flow is expected to remain strong and we’re an aggressive retailer. Therefore, when we see good opportunities, whether they be store openings, inventory investments or other opportunities, we have the financial flexibility to be aggressive. This should enable us to continue our high growth in sales and earnings.”
Tiffany & Co. is the internationally renowned jeweler whose merchandise offerings include an extensive collection of fine tiffany rings, sterling silverware, china, crystal, watches, clocks, stationery, leather goods, fragrance and accessories.
In addition to its flagship Fifth Avenue store, Tiffany operates retail stores in Atlanta, Beverly Hills, Boston, Chicago, Dallas, Houston and San Francisco.
It also offers a collection of exclusive Tiffany merchandise through a select group of prestigious jewelers in other cities. Direct marketing is carried out through the corporate division and the Tiffany Selections catalogs.
International sales are made through boutiques in Mitsukoshi department stores in Japan and the Tiffany store in London.
 Tiffany & Co was started in 1837 by Charles Lewis Tiffany and John B. Young  as a stationery and earrings goods store in Lower Manhattan. Originally called Tiffany, Young and Ellis, the company branched into precious stone jewellery when Tiffany purchased an extensive selection of jewels from French aristocrats and set them in a way that would later become the jewellers’ signature style.
 By 1850, Tiffany was already established as one of leading fine jewellers in the US, and opened its first overseas boutique in Paris.
 The following year, the company purchased New York silversmith John C. Moore’s operations, beginning its association with silver jewellery. At this time, Tiffany also established the 925/1000 sterling standard that has now been adopted by the US government.
 In 1853, Tiffany took complete control of the company and renamed the brand Tiffany & Co. In 1861, it was commissioned to design a special pitcher for President Abraham Lincoln’s inauguration. Two years later, the firm supplied swords, flags and surgical equipment to Union Army regiments in the American civil war.
 At the Paris World’s Fair in 1867, Tiffany & Co became the first American firm to win an award of excellence for its silverware. In 1871, the Boston Museum of Fine Arts acquired a Tiffany pitcher – the first American silver object to be included in the collection of a major museum.
 In 1878, Tiffany purchased a 287.42 carat yellow diamond and recut it to form the Tiffany Diamond, which has 90 key rings – 32 more than the traditional brilliant cut.
 Charles’ younger son Louis Comfort Tiffany established the Tiffany Art Jewellery department to showcase his own line of jewellery and enamel pieces in 1902. When his father passed away, he became the firm’s first director of design.
 The jewellery maker now boasts lines created by designers such as Elsa Peretti, Jean Schlumberger, Paloma Picasso and Frank Gehry.
 In 1940, Tiffany & Co moved into its flagship store at the corner of Fifth Avenue and 57th Street in Manhattan, boasting a clientele that included European aristocracy and Hollywood celebrities.
 The firm listed on the New York Stock Exchange in 1987, the same year that it celebrated its 150th anniversary with retrospectives of Tiffany & Co silver and fine jewellery.
 In 2000, the Tiffany & Co Foundation was set up to preserve  the arts and promote environmental conservation. The foundation’s largest international grant (in 2004) was to the Palace Museum in Beijing.
 Over the decades, the firm has continued to grow and now has a global presence with stores in Hong Kong, London, Paris, Tokyo, Beijing and elsewhere.
 The look
 Aside from collections by renowned designers such as Paloma Picasso and Elsa Peretti, Tiffany is known for its engagement rings, including the trademarked six-prong Tiffany setting.
 For Christmas, the company has released its Legacy collection, based on pieces from its archives. Look for faceted round and pear-shaped diamonds and coloured gemstones set in art deco-inspired geometric shapes. Standouts include delicate drop earrings and pendants dangling from diamond-studded chains (left and above).
 Defining moment
 The flagship store was featured in the 1961 classic film Breakfast at Tiffany’s starring Audrey necklaces and based on the novella by Truman Capote.
 Fun fact
 Tiffany & Co was commissioned in 2000 to design the Major League Baseball World Series trophy.
 Trivia
 In 1885, Tiffany & Co was commissioned to redesign the Great Seal of the United States, which is still printed on $1US bills.
 What else can I get?
 Silverware, crystal, stationery and gifts.
 Who wears it?
 Jennifer Aniston, Elizabeth Taylor and Reese Witherspoon.
 Where can I buy it?
 There are seven Tiffany & Co outlets in Hong Kong including G/F, the Landmark Central, tel: 2845 9853.
Five men were arrested today in New York in connection with the Tiffany jewelry robbery. Another man is being sought. Most of the gems have not been found. Two security guards are among those arrested.
JOE OLIVER, Anchor: From the very beginning, authorities suspected last Sunday’s jewelry rings at Tiffany’s in New York was an inside job. Their suspicions were confirmed today with the arrests of five men, two of whom were security guards at the store. Another suspect, thought to be holding most of the gems, is being sought. Christine Negroni reports.
CHRISTINE NEGRONI, Correspondent: Arrested and charged with participating in the biggest jewelry heist in Tiffany’s 157-year history were five New Yorkers, including two men who worked as Tiffany’s security guards.
WILLIAM CHANEY, Tiffany and Company: Well, we were shocked, of course, and we didn’t think it could happen. Our security has always been very tight rigid. It is even more so now.
NEGRONI: A sixth man – a cousin to the Tiffany’s security supervisor already arrested – is being sought. That police believed the robbery to be an inside job surprised no one because the robbery was notable in that it was extremely well planned an executed, right down to the theft of video tapes from the store’s bracelets cameras.
Asst. Chief JOHN HILL, New York City Police Department: It was professionally planned, but like all plans, they go awry.
NEGRONI: What did the thieves in, according to police, was the amateurish way they tried to get rid of the stuff. Several Manhattan office workers called police to report a messenger was trying to sell them Tiffany jewelry at bargain-basement prices.
Chief HILL: They wouldn’t be fencing in this stuff and selling it on the street if they’d had a sophisticated outlet for this jewelry.
NEGRONI: It’s a sentiment shared by New Yorkers and out-of-towners alike who flock to the store made famous in the movie Breakfast at Tiffany’s. In a city jaded by most crimes, even New York’s mayor was on hand to announce the arrests in this case.
Mayor RUDY GIULIANI, New York: Tiffany’s is a New York City, American and world institution, and it’s an institution that is really a magnet for the city.
NEGRONI: From the start, Tiffany executives insisted that no jewelry of a significant value or of a cufflinks nature was stolen, as much of the merchandise was locked in the vault. But with the arrest, police say they’ve turned up only seven pieces of stolen jewelry so 450 pieces and one suspect are still missing.
Christine Negroni, CNN, New York.
The preceding text has been professionally transcribed. However, although the text has been checked against an audio track, in order to meet rigid distribution and transmission deadlines, it may not have been proofread against tape.
Tiffany, the US jeweller, raised its profit outlook on Tuesday as strong holiday sales brought some shine back to an industry that cash-constrained consumers shunned during the worst of the recession.
During the final two months of the year, sales at Tiffany stores globally jumped by 17 per cent from a year ago to $799m. The gain was stronger than the company expected, leading it to lift its revenue and profit outlooks.
“We experienced growth across a wide range of jewellery categories and price points, Michael Kowalski, Tiffany’s chief executive, said. “Long-term, we continue to believe that Tiffany has an excellent opportunity to increase its share of the US and global jewellery market.”
Globally, the biggest sales gains came from Europe, where they were up by 30 per cent during the holiday season. In the US, comparable store sales rose by 12 per cent and in Asia they climbed by 11 per cent.
US sales were led by the flagship shop in New York, followed by smaller gains in online sales and in smaller stores across the country. In New York, sales were lifted by both local customers and foreign visitors capitalising on the weaker US dollar.
I like tiffany ,pendants , key rings ,earrings , necklaces and so on.
Tiffany said in November that it was expecting its holiday sales to notch low single-digit gains, after sinking by 20 per cent the previous year. Rising equity markets and real estate prices have succeeded in whetting consumer appetites for high-end baubles.
Brian Sozzi, an analyst at Wall Street Strategies, noted that Tiffany had helped itself by adding lower cost merchandise in the past year which had allowed it to steal market share from smaller independent retailers. Last year 2,000 independent jewellers closed, leaving “low hanging fruit” for Tiffany.
The holiday sales results bode well for Tiffany’s fourth quarter, which usually accounts for a third of its sales and half of its annual earnings. The company projects net sales of $2.7bn for the fiscal year ending January 31, with net earnings from continuing operations falling within a range of $2.07 and $2.12 a share.
Luxury retailers such as Tiffany have struggled over the past year as consumers pulled back on spending on “discretionary” items such as jewellery. However, dimmer expectations and comparisons from the weak 2008 holiday season have made last year’s performance appear relatively robust.
Last week Retail Metrics said US retailers notched same-store sales gains of 3 per cent in December, the biggest monthly gain since April 2008.
A. Key Data From Call 1. 3Q09 worldwide sales = $598m. 2. 3Q09 net earnings from continuing tiffany = $43.3m. 3. 3Q09 diluted EPS from continuing operations = $0.34. 4. 3Q09 GM = 54.8%. 5. YTD 2009 CapEx = $47m. 6. 3Q09-end cash and cash equivalents = $375m. 7. 3Q09-end total short-term and long-term debt = $753m. 8. 2009 annual EPS guidance = $1.88-1.98.
PRESENTATION SUMMARY
S1. 3Q09 Operational Review (M.A.) 1. Highlights: 1. Sales and earnings in latest qtr. surpassed expectations. 2. Worldwide sales declined 3% to $598m. 1. Equal to last year, excluding decline in wholesale sales of diamonds tied to diamond sourcing program. 2. 16% decline in 2Q09. 3. 22% decline in 1Q09. 4. Bolsters confidence that Co. can achieve expectations for rest of year. 2. Americas: 1. Sales declined 9%. 1. Little better than expected. 2. Included smaller declines in latter part of qtr. 2. US: 1. Total retail sales, 9% below last year, due to: 1. Decline in avg. transaction size. 2. Smaller decline in number of transactions. 2. Store traffic, below last year’s levels. 3. Smaller declines in number of transactions led to improvement in customer conversion rate for second consecutive qtr. 4. Comparable store sales declined 10% vs.: 1. 14% decline in 3Q08. 2. Much larger declines of 34% and 27% in 1Q09 and 2Q09. 5. By month, comps declined 18% in Aug., 7% in Sept. and 5% in Oct. 1. In 3Q08, declined by 6%, 15% and 20% in these respective months. 2. Indicates no meaningful change in two year run rate over three months. 6. Customer Mix: 1. Decline in total sales, primarily affected by lower sales to local customers and to lesser degree by declines in tourist spending. 2. New York flagship store experienced declines in local customer and tourist spending. 7. Geography: 1. Sales in New York flagship store declined 8%. 2. Comp store sales in nine-store New York region declined 9%. 3. Aggregate US brand store comp store sales declined 11%. 4. There weren’t many markets meaningfully divergent from overall rate of decline although for what it is worth California was somewhat softer, Florida was somewhat stronger and stores in Hawaii and Guam posted solid increases. 5. Majority of stores achieved sales plans. 8. Price Stratification: 1. Continues to experience greatest percentage declines in sales occurring at highest price ranges, with relatively better performance at more accessible price points. 2. Compared with 1H09, percentage declines were smaller at all price strata. 9. High-End Business: 1. Recently held annual event in New York and several other cities this year in US and Asia tied to publication of Co.’s Blue Book. 2. Invited some of highest spending customers. 10. Opened two stores in US. 1. 5,800 sq. ft. store in Roseville Galleria near Sacramento. 2. 2,200 sq. ft. in Seattle’s University Village. 11. Aforementioned is second store in new concept that incorporates different approach to: 1. Visual merchandising. 2. Product assortment. 3. Selling style. 12. Difficult to evaluate performance of new store concept when launched in challenging economy. 13. Next week, will complete 2009 store expansion when Co. opens third store in Las Vegas in new Crystals at CityCenter complex. 14. e-Commerce and Catalog: 1. 9% decline in combined sales due to decline in avg. order size and number of orders. 2. Some improvement late in qtr. with orders growing in Oct. 3. Reduced catalog circulation by about 40%, in line with planned decline for full-year. 4. Will continue to utilize e-mail communications as effective way to attract customers to website and stores. 3. Achieved solid comp store sales growth in: 1. Mexico. 2. Brazil. 4. Expanded business in Canada. 1. Second store opened in Toronto earlier this year. 5. Expects low-teens percentage decline in full-year total sales. 1. Includes mid-teens percentage decline in comparable US stores sales for year. 3. Asia-Pacific: 1. On constant-exchange-rate basis, total sales increased 2%. 1. Exceeded expectations. 2. Followed 5% decline in 1H09. 2. Comparable store sales declined 3% due to continued weak sales in Japan that more than offset strength in rest of region. 3. Note: 1. Results covered now are all on constant-exchange-rate basis. 4. Japan: 1. Total sales declined 10% due to 13% drop in comp store sales. 1. Slightly worse than expected. 2. Comps declined throughout qtr. 1. No improvements in those in any month. 2. Nor any meaningful difference in comps within or outside Tokyo. 3. There was a favorable translation effect on sales due to strength of yen, which averaged [JPY0.92 to dollar vs. JPY1.05 last year]. 4. Last week, reduced prices in Japan by avg. of 5% to adjust for strong yen. 5. Not forecasting any improvement in 4Q09. 5. Outside Japan, continued to improve. 1. Total sales increased 18%. 2. Comp store sales gained 9%. 1. Followed 5% comp decline in 1Q09 and 5% comp increase in 2Q09. 2. Above expectations. 3. Continued strong growth in: 1. China. 2. Australia. 3. Singapore. 4. Noteworthy improvements from 2Q to 3Q in: 1. Hong Kong. 2. Korea. 3. Malaysia. 5. New store opened just earlier this year on Canton Road in Hong Kong, already posting highest sales volume of eight stores in this market. 6. Opened 10th store in Korea in Seoul. 7. In China, renovated and expanded Plaza 66 store in Shanghai. 8. Last week, opened fifth store in Australia in Melbourne suburb of Chadstone and is getting ready to open 10th store in tiffany bracelets in city of Shenyang. 1. Both will strengthen successful and growing presence in these countries. 9. On pace to roughly triple number of Co. stores in Mainland China from current nine stores to 25-30 in next five or so years. 6. Full-year sales outlook calls for sales in dollars equal to prior year. 1. Little better than previous expectations. 2. Includes mid-single digit comp decline on a constant-exchange-rate basis for year, due to softness in Japan. 4. Europe: 1. Total sales rose 16% in constant currencies. 2. Comparable store sales rose 9%. 1. Widely exceeded expectations. 2. On top of 8% comp increase last year. 3. Continues to believe solid sales growth reflects: 1. Co.’s relatively young presence. 2. Growing attraction among customers who are discovering TIF. 4. Strength, geographically broad-based. 1. Doing well in London, where vast majority of sales are made to local customers. 2. Stores benefiting from increased spending by Continental European and Asian visitors. 5. Sales on continent rose in most countries with noteworthy growth in Italy. 6. Expanded presence in UK. 1. Opened boutique at Selfridges in Manchester. 7. On 11/24/09, entered The Netherlands by opening a beautiful 2,100 sq. ft. store in Amsterdam. 8. Next month, plans to open another shop at Heathrow Airport in Terminal 3 adding to success Co. had with shop in Terminal 5. 9. For full-year, forecasting low-single digit increase in sales in dollars, reflecting high-single digit comp increase in constant currencies, which is better than previous target. 5. Other Channel: 1. Sales declined 81% due to lower wholesale sales of low quality rough diamonds, reflecting: 1. Reduction in purchases of rough diamonds this year and therefore fewer low quality stones to resell. 2. Better quality mix in assortments that Co. is purchasing. 2. Expects full-year sales to decline by about 60% vs. previous expectation of 50% decline. 6. Worldwide Product Perspective: 1. Improved performance in many categories, especially later in qtr. largely reflected comparisons to last year when sales plummeted. 1. May reflect some improvement in underlying demand in some markets. 2. Good increase in worldwide engagement jewelry sales. 3. Growth in gold and silver fashion jewelry. 1. Helped by success of Co.’s new Keys Collection, which is enjoying stellar start at all price points. 4. Improving performance in some other existing collections, including: 1. Return to Tiffany. 2. Metro. 3. Tiffany Notes. 4. Collection of gold and silver charms. 5. High-end statement jewelry sales continued to decline albeit at a lesser rate than earlier in year, due entirely to decline in pieces sold and not in avg. priced. 6. Sales of main designer jewelry, down. 7. Watch sales declined. 1. Rose in Oct. 2. Some exciting new designs, launched in US stores.
S2. 3Q09 Financials (J.F.) 1. Highlights: 1. GM declined 1.5 points to 54.8%. 1. Precious metal costs exhibited extreme price volatility over past two years as Co. expected headwinds encountered in past few quarters from higher product costs tied to slow rate of inventory turnover continued to affect margin but to lesser extent. 2. Expects some benefit from lower product cost in 1H of next year. 3. For current year, expects GM to decline more than 1 point from prior year. 2. Seeing rough diamond prices increase in recent months attributed to curtailed mining production earlier in year that helped to reduce supply relative to short-term demand weakness. 1. Over long-term, high quality diamond prices will rise as increasing global demand exceeds supply. 3. SG&A expenses declined 2%. 1. Smaller decline than in 1H09. 2. Pretty much as expected. 3. 7% decline in 3Q08 resulted from reversing YTD accruals at that time for lower anticipated management incentive compensation due to dramatic business slowdown. 4. Continues to track in line with substantial expected savings from staffing reductions made at start of year. 5. Reduced marketing spending this year. 1. Believes level of advertising and allocation by market is appropriate to support objective to increase market share. 6. With quarterly sales virtually equal to prior year, has minimal variable cost savings. 7. Recorded in SG&A expenses $4m charge or $0.03 per diluted share after tax for terminating management agreement after Co. brought out some minority interest in connection with diamond sourcing and polishing operations in South Africa and Botswana. 8. Expects to decline by mid-single digit percentage for full-year from last year’s SG&A that excluded various one-time items. 4. Based on aforementioned better-than-expected results, full-year operating margin from continuing operations should decline from adjusted 17.8% last year that excluded some one-time items. 1. Decline should be less than previously thought. 2. In year filled with macro challenges, performance should point to long-term potential for margin expansion. 5. Interest and other expenses, net, $11m. 1. Lower than last year. 2. Bit lower than expected. 3. Last year included: 1. Write-off of interest rate swap. 2. Some FX transaction losses. 4. Excluding aforementioned items, higher interest expense vs. last year reflected long-term debt issued over past year. 5. Expects to total about $48m for full-year. 6. Effective income tax rate, 22% vs. 32.1% last year. 1. Lower than initially planned. 2. Not included in earnings guidance from three months ago due to favorable reserve adjustments tied to exploration of certain statutory periods. 3. Benefited EPS by $0.04 per diluted share. 4. Expects to be approx. 31% for full-year, including various one-time tax benefits. 7. Net earnings from continuing operations, $43.3m or $0.34 per diluted share. 1. Slightly below $0.36 per diluted share last year. 2. Meaningfully above plan due to higher-than-expected sales. 2. Guidance: 1. Good start to 4Q09. 1. Nov. to-date worldwide sales tracking favorably to expectations. 2. Calls for mid-single digit sales increase. 3. Dec. results, most important. 2. Expects 8% decline in annual worldwide sales vs. previously expected 10% decline, based on: 1. Better-than-expected sales in 3Q09. 2. Some fine-tuning of 4Q09 sales expectations in certain markets. 3. Raising annual EPS guidance from most recent $1.65-1.75 to new range of $1.88-1.98. 1. New range includes benefits [and costs from recording] various one-time items. 3. Balance Sheet: 1. Continued to invest in business this year. 1. Has financial strength to comfortably do so. 2. AR at 10/31/09, 8% below last year due to lower sales volume. 1. Turning at 18 times per year. 3. Net inventories at 10/31/09, in good shape, down: 1. 6% from year-ago. 2. 4% from start of FY. 3. Meeting objective to reduce inventories this year by single-digit percentage while maintaining high levels of in-store product availability that Co. believes is competitive advantage especially in this environment. 4. YTD CapEx, $47m. 1. Down $109m last year due to fewer store opening and other cost containment. 2. Expects full-year CapEx of about $85m. 5. 3Q09-end cash and cash equivalents, $375m. 1. Up from $160m year-ago. 6. Total short-term and long-term debt, $753m vs. $821m last year. 7. Expects to generate in excess of $450m of full-year free cash flow. 1. Defined as cash flow from operating activities less CapEx. 4. Summary: 1. Performed remarkably well this year despite dramatic downturn in consumer spending by: 1. Taking steps necessary to ensure healthy levels of profitability and liquidity. 2. Investing in business. 3. Not compromising brand principles.
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From Chanel to Fortunoff and Tiffany, jewelers are rolling out new designs, colors and techniques in an effort to make pearls fashionable again. The moves come as Chinese producers have figured out how to improve the quality of their less-expensive, mass-produced freshwater pearls in recent years. Chinese suppliers are now producing freshwater pearls that have the smooth, round look of pricier saltwater varieties — as well as pearls in the shape of potatoes, petals and coins.
But while the influx of inexpensive Chinese pearls has caused prices to fall across the globe –tiffany by some 40% for a strand of 6.5-millimeter saltwater Akoya pearls since the late 1990s — the overall market for pearls still remains soft.
To drum up demand, designers are shifting away from the more traditional looks found at auctions and in grandma’s jewelry box. Bulgari recently brought in a series of new pearl styles to the U.S., such as necklaces with two or more pendants of unequal lengths. Fortunoff, once known for formal jewelry, is selling multistrand stretchy bracelets of freshwater cultured pearls, dyed to various shades of gray. The jeweler will carry color-treated chocolate-brown Tahitian pearls for the first time in its holiday catalog.
Tiffany, known for its high-end diamond jewelry, is now incorporating Chinese freshwater pearls into expensive pieces like a $9,750 diamond dragonfly bracelet. Other designers are mixing pearls with both precious and mundane objects. For example, Prince Dimitri, creative director at Assael International, is mixing pearls with wood in bracelets. Donna Vock combines fine pearls with unusual gems like mint tourmaline and chrysoberyl.
“We are selling a different type of pearl jewelry today,” says Lisa Kazor, a senior vice president of Neiman Marcus who oversees the chain’s designer and precious jewelry. “It’s younger. It’s more modern. It can be worn to more places.”
Jewelers have an incentive to use more pearls since lower prices translate into bigger profit margins than other gems such as diamonds, which have shot up in price recently. And unlike diamonds, considered a more standardized commodity, pearls now come in so many different styles that retailers have more opportunity to make a money clips, gem experts say.
China has been ramping up production and quality of freshwater pearls for the past five years or so. Producers have quickly figured out how to make a bigger percentage of pearls round, or almost-round, by “nucleating” freshwater mussels with tiny spheres made from off- shape freshwater-pearl rejects. The country is currently producing around 600 tons of pearls — far more than all the other pearl- producing regions combined, according to estimates by Gemworld International, a Northbrook, Ill., consulting firm to retailers and wholesalers. Quality has improved so dramatically that some experts say some Chinese pearls are indistinguishable from fine Akoya pearls.
The Chinese have also introduced pearls in different shapes and sizes. Initially, Chinese mollusks produced small, crinkly pearls known as “rice crispies” only in white. Now, they’re making 10- millimeter round pearls and some more unusual shapes. They’ve also expanded the spectrum of colors by cultivating pearls in orange, peach and lavender.
Designer Laura Gibson is using twice as many pearls as she did five years ago, stringing them on silver chains with stones such as citrine and hessonite. The colored pearls “add beautiful texture and contrast to smooth stones and faceted stones,” she says, without jacking up the price.
Fortunoff has shied away from color-treated pearls in the past, but techniques have improved in the past year, says Esther Fortunoff, an executive vice president. The chain has increased its pearl styles by 40% over the past five years.
Designers today are eager to distance their jewelry from classic necklaces and bracelets, which generations of women are unloading at auction lately. Doyle New York had to withdraw some classic pearl- strand necklaces from auctions in April because bids came in too low. Designer David Yurman says he likes to blend South Sea pearls with pendants, and for his spring collection is interjecting pearls with color gemstones.
Consumers looking for nicer pearls as an investment should stick with the rarer saltwater varieties — such as Tahitian, Akoya and South Sea — rather than freshwater, advises Heidi Harders, president of Chicago Gem and Jewelry Evaluation Services. Tahitian pearls are the most promising investments now, many experts say, since prices are climbing fast due to efforts by producers to control production. South Sea pearl prices are climbing, but the future is difficult to predict, because Chinese producers are working on mimicing them en masse.
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