Tiffany & Co.'s performance last week, compared with most other Tiffany Bracelet stocks, puts the jeweler in a solitaire setting.While many retail stocks languished on concerns over lackluster third-quarter sales, Tiffany shares soared 5-1/8 points and hit a 52-week high of 39-1/4.The momentum came after Tiffany executives told analysts that its same-store sales in both the United States and Japan are running ahead of expectations for the quarter ending this month.Total company sales--including European operations, direct mail and corporate business-should match projections."The word that their third-quarter U.S. comparable-store sales are better than expected, and are accelerating, portends an excellent Christmas," says Janet Joseph Kloppenburg, a retail analyst with Robertson Stephens & Co. "It could mean that our earnings projections are conservative."Ms. Kloppenburg has been forecasting that Tiffany will earn $1.93 per share for its fiscal year ending Jan. 31 and will have revenues of $681.5 million. Last year it lost 65 cents on sales of $566.5 million.The good news reaches over much of Tiffany's operations. At a time when many U.S. retailers are struggling domestically, Tiffany is likely to show comparable-store gains Tiffany CuffLink than the 9% increase forecast for the third quarter.Some of that growth is attributed to Tiffany making its stores more user-friendly without tarnishing its sterling image. For example, new in-store boutiques for baby gifts and men's gifts were created to aid hurried shoppers."The growth is spread over a lot of product categories and geographic areas across the U.S.," says a Tiffany spokesman. "It is concentrated on local market customers, not foreign tourists."
Comparable-store sales in Japan, which account for nearly 25% of Tiffany's overall business, should be up an impressive 20%"The Japanese numbers are important because they confirm that Tiffany's plan there is working," says Barbara E. Miller, an analyst with Alex. Brown & Sons.Last year, Tiffany restructured its Japanese operations, no longer acting only as a wholesaler in that country. Its same-store sales are now showing healthy increases, despite price cutting.This is the second time this year Tiffany has given Wall Street a pleasant surprise. Last spring the jeweler shocked analysts Tiffany Earring it recorded a 20% increase in sales to $131 million. That announcement sent Tiffany stock skyward, peaking at 38 in late August.But to the surprise of many retail analysts, Tiffany began to slide earlier this month. Tiffany began selling last week at only 34-1/8."I thought the stock had gotten unexplainably low based on their performance, but it was suffering along with other retail stocks," says Janet Mangano, a retail analyst with Burnham Securities. "People are beginning to re-examine the near-term and long-term prospects for Tiffany. There is still a lot of upside potential."
Tiffany Co. will consolidate its jewelry manufacturing operations in Pleasantville and in the space above its world-famous Manhattan store, into the former Citibank building in Pelham early next year. By February, Tiffany will start relocating to the 17,200-square-foot third floor of the 125,000-square-foot building at 143 Sparks Ave., and use the space for a new manufacturing center. The first 59 employees will come from the company's overcrowded 4,500-square-foot space at 520 Bedford Road in Pleasantville. Next summer, Tiffany will relocate 54 of 91 employees from workshops above its Fifth Tiffany Key Ring store.Tiffany Co. will consolidate its jewelry manufacturing operations in Pleasantville and in the space above its world-famous Manhattan store, into the former Citibank building in Pelham early next year.By February, Tiffany will start relocating to the 17,200-square-foot third floor of the 125,000-square-foot building at 143 Sparks Ave., and use the space for a new manufacturing center. The first 59 employees will come from the company's overcrowded 4,500-square-foot space at 520 Bedford Road in Pleasantville. Next summer, Tiffany will relocate 54 of 91 employees from workshops above its Fifth Avenue store.Beginning in the second quarter of 1996, the company plans to hire 44 additional employees, said Curtis Ley, vice president of manufacturing.
Caruso Affiliated is known for creating open-air community and regional retail environments that serve as fashionable local gathering places. Caruso's style has become a recognized brand within the tiffany industry and with California residents and visitors. The success of the company's stylish and elegant outdoor environments has challenged the traditional "mall" concept and continues to set a new standard in the industry. A recognized leader in this trend, Caruso Affiliated's growth is approximately two times that of the largest publicly traded REITs and sales per square foot at Caruso properties are 75 percent higher than the industry average.In addition to The Americana at Brand, other projects in development include The Shops at Santa Anita in Arcadia, CA and the company's first luxury destination resort in Montecito, CA, with the recent acquisition of the historic Miramar Hotel. Caruso Affiliated's portfolio of top performing retail properties includes The Grove in Los Angeles, the Waterside, Marina Del Rey, The Promenade at Westlake, The Lakes at Thousand Oaks, and The Commons at Calabasas. For more information, please visit www.carusoaffiliated.com.TIFFANY & CO. and TIFFANY are trademarks of Tiffany and Company.Tiffany & Co. is Tiffany Bangle on sale up to open the first of its smaller concept stores.A 2,600-square-foot unit is planned to open in October in the Americana at Brand, a new retail and residential development by Caruso Affiliated, in Glendale, Calif.In October, Tiffany set a rollout of 70 such small-footprint outposts across the U.S. The stores will only sell women's diamond, platinum, silver and gold jewelry ranging in price from slightly less than $100 to $15,000. The boutiques will not include Tiffany's higher-priced statement jewelry or engagement rings.
When the concept was revealed, Tiffany chairman and chief executive officer Michael J. Kowalski projected the stores would bring in $1,000 a square foot.Beth O. Canavan, executive vice president of Tiffany, said Wednesday that the new concept "is simply a new way of looking at Tiffany and the Americana at Brand is an ideal location to unveil it."In 2002, Tiffany launched a 5,000-square-foot store concept that also brings in sales of $1,000 a square foot. The company has 23 of these full-line stores and plans to open five to seven of them a year until reaching a total of 100.The average full-size Tiffany store, of which there are 46, spans about 7,100 square feet and generates $2,300 a square foot in sales. The firm has one U.S. Tiffany Bracelet on sale located on New York's Fifth Avenue that is 40,000 square feet, and in 2006, drew $6,200 a square foot.Jeweler to Open in City's Luxury Retail Center in November 2008Tiffany & Co.Mark L. Aaron, 212-230-5301mark.aaron@tiffany.comorLinda Buckley, 212-277-5900linda.buckley@tiffany.comTiffany & Co. (NYSE: TIF) today announced plans to open an approximately 6,200-square-foot store in Easton Town Center, located in Columbus, Ohio, in November 2008. The store's prominent corner location will anchor an area of the 1.7 million square-foot center that is currently undergoing renovation by the center's co-developers, The Georgetown Company and Steiner + Associates.
"Easton Town Center is a premier destination for shopping, dining and entertainment that will allow us to build on our success in this sophisticated market," said Beth O. Canavan, executive vice president of Tiffany & Co. "We have a prime corner location within a newly designed area of the center that will give us an open and spacious environment in which to welcome our many customers in the region to the Tiffany shopping experience of utmost quality and craftsmanship.""Tiffany CuffLink on sale announcement affirms Columbus as a metropolitan community worthy of the highest caliber and most selective retail," said Adam Flatto, president of The Georgetown Company. "Tiffany & Co. is one of the most highly sought after jewelers in the world, and we are proud to soon be the home to the only location in Columbus featuring their signature blue box."The new Tiffany store will showcase an array of the jeweler's celebrated collections. Among them are diamond engagement rings, diamond and gemstone jewels of ultimate glamour; sterling silver and fine jewelry; the signature designs of Elsa Peretti, Paloma Picasso, Jean Schlumberger and Frank Gehry; watches; accessories and gifts.Tiffany's web site, www.tiffany.com or www.tiffany.co.jp.Shares of Tiffany & Co. are expected to remain under pressure as the company faces a more challenging retail environment, said one analyst following the specialty retailer's lowered earnings guidance Friday.After trimming its earnings outlook on declining U.S. sales, shares of Tiffany & Co. slumped 11.2 percent to close Friday at $35.08.
WHEN WE last visited jeweler Tiffany & Co. (Nov. 11, 1991), the country was in a recession, diamond shopping was the furthest thing from consumers' minds and earnings were on the decline. Has the Tiffany Necklace on sale returned? Brighter than expected, thanks to some shrewd marketing. Chief Executive William Chaney has downplayed Tiffany's upper-crust image and focused on luring a relatively downscale crowd. That includes putting out "how-to" diamond and pearl buying guides and advertisements to inform the wary that Tiffany diamonds start below $1,000.In Japan, Tiffany has slashed prices from levels once nearly double New York rates. Last quarter, sales in Japan were up 11%.Revenues should rise 15% in the year to next January, to $787 million, and earnings 23%, to $2.27 per share. Tiffany's stock, at a recent 42, is up 33% since May.As evidence that some affluent consumers have tired of simpler lifestyles, sales of designer clothing and expensive jewelry are hot in 1995, retailers say, after several lukewarm years. A rise in international tourism is fueling the growth, but marketers say it may also reflect baby boomers' renewed desire to stuff their closets with easily recognizable status symbols. Swiss watch maker TAG Heuer and Tiffany & Co both report a significant rise in US sales so far in 1995.Conspicuous consumption may be coming back in style.Sales of Tiffany Note on sale clothing and expensive jewelry are hot, retailers say, after several lukewarm years. Fueling the growth is a rise in international tourism. But marketers say it may also reflect baby boomers' renewed desire to stuff their closets with easily recognizable status symbols.At a time when sales at many department stores and discount chains are unimpressive, Swiss watch maker TAG Heuer SA says U.S. sales so far this year are up 25%, compared with last year. And at Tiffany & Co., sales at U.S. stores open at least a year rose 15% during its most recent fiscal quarter.
Sales have been so strong at Ferragamo's U.S. boutiques that shoppers are limited to five handbags and 10 pairs of shoes each. Overall, Ferragamo's U.S. sales are running 35% ahead of last year's, according to Massimo Ferragamo, president of U.S. operations for Ferragamo Worldwide.Marketers spent millions in the 1980s pitching their products as badges of affluence for unapologetic yuppies. But by the early 1990s, as baby boomers aged and had children of their own, marketing experts predicted, family values would replace the quest for self gratification. In an uncertain economic climate, overt Tiffany Pendant on sale would become less fashionable: Even wealthy shoppers would choose Gap over Gucci and shun ostentatious brands like Rolex and Louis Vuitton.But it turns out some affluent consumers have tired of the simpler lifestyles. "Women are asking themselves, `What's wrong with spending money on myself? How many more T-shirts do I need?'" says Michael Gould, chairman and chief executive of Federated Department Stores Inc.'s Bloomingdale's chain.Certainly, affluent consumers these days are simply more affluent. Analysts look at the 20% rise in the Dow Jones Industrial Average this year as an indication that the rich must be feeling a little richer. "There's a sense of wealth, and it's showing up in luxury goods," says Carl Steidtmann, director of research for Management Horizons, a unit of Price Waterhouse L.P.
Clifton Stone, associate general counsel at Smith Barney Inc., a unit of Travelers Group, says he will spend 50% more on apparel and accessories for himself this year, or about $3,000 on suits, shirts, ties and shoes. "Once you start treating yourself to certain quality items, you want to replace what you have with better stuff," he says. Among his favorites: ties from Milan designer Ermenegildo Zegna that cost $105.Retailers believe attitudes are somewhat different now than in the '80s. This time, "it's not about having as much as you can," says Marion Davidson, director of marketing and Tiffany Ring on sale for Hermes SA. "It's about having a few things that are exceptional. A Gap dress with a Hermes handbag and scarf are all you need."Retailers say today's designer-goods shoppers are thinking investment, not splurge, when they make big-ticket purchases. Robert DiNicola, chairman of Zale Corp., sees a higher "comfort level" this year among customers at the company's Bailey, Banks & Biddle jewelry stores. The most popular diamond tennis bracelets cost between $599 and $699, compared with a $299 average price last year, he says. Customers nowadays are happy to trade up as long as they feel like they're getting their money's worth, he says.Donna Leone, a partner at a New York investment-advising firm, says she expects to spend about 10% more on her fall wardrobe this year than last. Already, she says, she has bought a four-piece designer suit for "several thousand" dollars. "I just like the classic designs," she says. "They last forever."
Clifton Stone, associate general counsel at Smith Barney Inc., a unit of Travelers Group, says he will spend 50% more on apparel and accessories for himself this year, or about $3,000 on suits, shirts, Tiffany Set on sale and shoes. "Once you start treating yourself to certain quality items, you want to replace what you have with better stuff," he says. Among his favorites: ties from Milan designer Ermenegildo Zegna that cost $105.Retailers believe attitudes are somewhat different now than in the '80s. This time, "it's not about having as much as you can," says Marion Davidson, director of marketing and communications for Hermes SA. "It's about having a few things that are exceptional. A Gap dress with a Hermes handbag and scarf are all you need."Retailers say today's designer-goods shoppers are thinking investment, not splurge, when they make big-ticket purchases. Robert DiNicola, chairman of Zale Corp., sees a higher "comfort level" this year among customers at the company's Bailey, Banks & Biddle jewelry stores. The most popular diamond tennis bracelets cost between $599 and $699, compared with a $299 average price last year, he says. Customers nowadays are happy to trade up as long as they feel like they're getting their money's worth, he says.Donna Leone, a partner at a New York investment-advising firm, says she expects to spend about 10% more on her fall wardrobe this year than last. Already, she says, she has bought a four-piece designer suit for "several thousand" dollars. "I just like the classic designs," she says. "They last forever."Despite shoppers' new rationalizations, plenty of hits of the '80s are back to Tiffany Watch on sale the designer craze for the second time: $1,000-plus Chanel bags at Bloomingdale's "are selling like they're going out of style, so to speak," says James Gundell, Bloomingdale's senior vice president in charge of women's accessories.And recent increases in U.S. sales have prompted pen maker Mont Blanc Simplo GmbH to accelerate a three-year plan to open 20 stores in the U.S. At Mont Blanc's first U.S. specialty boutique in Boston's Copley Plaza mall, all six of the 888 Prince Regent pens on hand sold out, and 10 more customers put their names on a waiting list. Studded with diamonds and rubies, the pens retail for $5,900.
Even Gucci, whose canvas handbags with the "double G" logo became synonymous with excess in the '80s, is making a comeback. Investcorp SA, the investment group that controls 100% of Gucci Group's common stock, said yesterday that it intends to make a global offering of 30% of of the company's shares.Other luxury designers are becoming status symbols for the first time. Miuccia Prada has seen North American sales of her apparel and accessories more than double in the tiffany year, a spokeswoman for her company, IPI SpA, says. During two days of sweltering heat in early August, the eight-year-old Prada boutique in Manhattan sold out of a double-cashmere coat with a price tag of $1,980. Shoppers, says the Prada spokeswoman, are "like piranhas. They are worried there will only be one in their size, and they need it now."NEW YORK -- Tiffany & Co. is showing some gleam in its financial picture.The company reported stronger-than-expected fiscal second-quarter earnings last week, and analysts and company officials say the strategies that management has used in recent years are clicking, giving the company momentum.The venerable jeweler always has had its strengths -- mainly image. But there have been times -- like earlier this year when a slowdown in holiday sales in Japan raised concerns -- that the company hasn't lived up to expectations.
"They weren't always in a position to capitalize on the name and the image they have. Now they're doing a better job of it," said Terence McEnvoy, analyst at Janney Montgomery Scott Inc. "Tiffany's got a tremendous image, a great reputation, and everyone loves the blue box with the white ribbon."Prudential Securities Inc. analyst Amy Ryan, who has been bullish on Tiffany for most of the year, said Tiffany always has been a "good" company, but it has sometimes found itself distracted by a range of events, from a weak Japanese economy to snow storms."The goodness is shining through right now," Ms. Ryan said.The company last Tuesday reported same-store sales rose 15% in the U.S. and 11% in Japan. Net income rose 54% to $5.3 million, or 33 discount Tiffany Bangle a share, for the quarter ending July 31, from $3.5 million, or 22 cents a share, a year earlier. Sales rose to $184.7 million from $152.3 million.The results were six cents a share higher than consenus estimates, sending the stock up one dollar that day. The stock has risen more than 35% from its 52-week low of $29 in late January, most recently trading at $41.125.Tiffany's chairman and chief executive, William Chaney, said he is optimistic about this year's holiday season, and he expects high single-digit percentage increases in same-store sales for the rest of the year. He said he's comfortable with analysts' full-year earnings estimates for fiscal 1996. A First Call survey of 14 analysts averaged $2.27 a share, but at least one analyst raised his estimate to $2.30 after the earnings report.
He mentioned certain "Presbyterian features" of the course--the Valley of Sin, the Pulpit bunker, the bunker named Hell--pointing them out as we passed them. St. Andrews' pot bunkers are nothing tiffany the scalloped sands of other courses. The many dozens of them on the Old Course are small, cylindrical, scarcely wider than a golf swing, and of varying depth--four feet, six feet, but always enough to retain a few strokes. Their faces are vertical, layered, stratigraphic walls of ancestral turf. As you look down a fairway, they suggest the mouths of small caves, or, collectively, the sharp perforations of a kitchen grater. On the sixteenth, he called attention to a pair of them in mid-fairway, only a yard or two apart, with a mound between them that suggested cartilage. The name of this hazard is the Principal's Nose. Hamilton told a joke about a local man playing the course, who suffered a seizure at the Principal's Nose. His playing partner called 999, the U.K. version of 911, and was soon speaking with a person in Bangalore. The playing partner reported the seizure and said that the victim was at the Principal's Nose bunker on discount Tiffany Bangle sixteenth hole on the Old Course at St. Andrews, in Scotland; and Bangalore asked, "Which nostril?"As the Old Course expanded in the nineteenth century from a single track to a closely paralleled double track, seven of the new pairs of fairways ended in common greens, as they do today. These double greens, each sporting two flagsticks, are even weirder than the pot bunkers. Their cardinal feature is immensity. Putts on them are sometimes described in yards rather than feet. An approach shot blown off course can result in a putt with fifty yards to the hole. Standing beside the expanse shared by the fifth and thirteenth flags, David Hamilton said it was the largest. American football teams could play an exhibition game on this green.
While the greens are outsized, the Old Course, as a unit, is much the opposite. Championship golf courses in the United States typically occupy about a hundred and sixty acres. This ancient links course, with its contiguous fairways and longitudinal economy, fits into a hundred and twenty. It is like a printed circuit with its sibling courses on a linksland peninsula between the estuary of the River Eden and the North Sea. When I was twelve years old, I was so naive that I thought golf links must be called that because the game was played on a sort of chain of consecutive holes. Jimmy Kahny, also in the eighth grade, introduced me to the term as a result of my telling him that I needed money so I could buy an all-weather basketball and dribble my way to school. He said, "There's good money at the golf links, caddying." The good money was one discount Tiffany Bracelet for toting two players' bags, a service known as doubles eighteen. I got my basketball, but--in those caddying seasons--no hint that links were called links before golf was played. The word comes from Old English and refers to a coastal topography behind a beach, a somewhat dunal and undulating landscape, untillable, under bushes of prickly gorse, scattered heather, and a thin turf of marram and other grasses. Scotland is necklaced by these essentially treeless linkslands, brought up from the deep by the crustal rebounding of a region once depressed by glacial ice, links about as vulnerable to sea surges as Los Angeles is to earthquakes, common grazings good for little else but the invention of public games, where marine whirlwinds could blow out the turf and create ancestral bunkers--for example, Turnberry, Muirfield, Dornoch, Crail, Carnoustie, Prestwick, Royal Troon. Carnoustie, to the north of St. Andrews, was just past the Firth of Tay. "If you can't see Carnoustie, it's raining," David Hamilton said. "If you can see Carnoustie, it's going to rain." We could not see Carnoustie. David Hamilton--in moccasins, cotton trousers, a blue shirt, a maroon tie, a beige sweater-vest, and a billed cap that said "The Old Course, St. Andrews Links"--seemed unaware of rain, as befitted the author of "Golf--Scotland's Game" (Partick Press, 1998), an attractively written definitive history, amply and informatively illustrated.
Golf links are wherever you call them that. There's a difference between golf links and links golf. Linksland is where links golf is played. It differs substantially from landlocked, parkland, A to B to C to D golf in this way, among others: it is less linear, and there is greater freedom to select a line from tee to green. For example, on the Old Course players can aim anywhere on the mated fairways. Tiger Woods goes off the first tee to a strategic lie on the eighteenth fairway. Players we watched on the sixteenth were driving up the third to avoid the Principal's Nose. Never mind the discount Tiffany CuffLink high hedgerows of impenetrable gorse, the rippling hay, the patches of heather; most of this wide and treeless panoramic savannah is a carpet of smooth grass; you could all but use a putter from tee to green. It looks easy until you see John Daly hunting for his ball on the third fairway, which, typifying a links fairway, has the loved-in texture of a rumpled sheet. A ball lost in a fairway! A player has five minutes to locate a lost ball, and Daly and his entourage need it. The third fairway, like nearly every other Old Course fairway, has the pit-and-mound topography of a virgin forest, but it wasn't made by trees.
But not everyone is as confident. Banc of America Securities analyst Dana Cohen said that while the company has been able to diversify its business into growing markets, reduce nonperforming divisions, and Tiffany Key on sale core assortments, issues remain.With the anticipation of fewer international flight seats available in the second half, tourism will be an issue for Tiffany, according to Cohen. Advantageous currency translation, which has been boosting the retailer's earnings by about 5 percent, will also begin to moderate, she said, as the dollar continues to rally.Pali Capital retail analyst Stacey Widlitz was a bit more optimistic."There's consumer weakness, but the good news for Tiffany is that they're becoming a global brand," she said.Tiffany also had help from a greater concentration of high-end merchandise at higher price points, Widlitz said.Quarterly and first-half gross margin increased to 57.8 and 57.4 percent, respectively, from 56.1 percent in both periods, aided by favorable changes in a geographic and product sales mix, as well as sales leverage on fixed costs. Net inventories at the end of the quarter were up 10.1 percent, due in part to store expansion.First-half profits shot up 53.5 percent to $145.2 million, or $1.13 a diluted share, from $94.5 million, or 86 cents a share, a year ago. Net sales rose 11.3 percent to $1.4 billion from $1.26 billion.Tiffany Money Clip on sale increased its full-year earnings guidance slightly to a range of $2.82 to $2.92 a diluted share, versus its prior forecast of $2.80 to $2.90 a share. The company said this expectation includes worldwide sales growth of approximately 9 percent based on continued strong growth in Europe and Asia-Pacific, and a return to growth in U.S. same-store sales in the fourth quarter due to an easier year-over-year comparison. Full-year operating margin is also expected to increase slightly over last year, according to the company.nalysts are looking for earnings of $2.83 a share on revenues of $3.27 billion.
Tiffany & Co.'s fiscal-first-quarter profit rose 19% as higher demand in Europe and Asia helped make up for soft sales in the U.S.In addition, the New York jeweler raised its full-year earnings outlook while noting it maintains "a cautious outlook for U.S. sales" and doesn't expect an improvement until later this year.Tiffany also said it plans to introduce a "new, smaller store format" in the U.S. later this year, in addition to its plans to open about 24 new stores world-wide.Sales at stores open at least a year rose 21% in Europe and 15% in the Asia-Pacific region, driven by demand in areas from London and Italy to Hong Kong and China. Adjusted for currency effects, same- store sales rose 12% in Europe and 4% in the Asia-Pacific region.Overseas sales helped offset flat sales in the U.S., the company's largest market, where a slowing economy has Tiffany Necklace on sale spending on jewelry and other discretionary items.International shoppers taking advantage of the weak dollar also helped Tiffany's domestic sales. The company's New York flagship store saw a 16% jump in same-store sales, driven by demand from foreign tourists. Meanwhile, sales at branch stores declined 4% as the company experienced soft sales of items below $500.Sales in the quarter ended April 30 have been driven by engagement rings in the U.S., silver jewelry outside of the U.S. or designer collections such as Elsa Peretti jewelry.Chief Executive Michael J. Kowalski said strong sales growth despite "only modest growth in the U.S. due to challenging conditions reflects the benefit of globally diversified distribution."
"Tiffany is becoming a truly global brand," said Pali Research analyst Stacey Widlitz, who has a "buy" rating on the stock. "The strength in international and the size of it is enough to offset however long the U.S. consumer weakness is lasting. International consumers love this brand."World-wide sales so far in May have met the company's expectations, Tiffany said. While U.S. same-store sales for the year are expected to rise, the company said it expects second-quarter U.S. sales to decline, which will pressure profit in that period.Tiffany raised its full-year outlook it boosted in March an Tiffany Note on sale five cents and now expects earnings of $2.80 to $2.90 a share, maintaining its forecast for net sales growth of about 10%. The latest mean estimate of analysts surveyed by Thomson Reuters was for earnings of $2.73 a share on 10% sales growth to $3.23 billion.Tiffany & Co. said fiscal first-quarter profit rose 9.6% as sales increased in the U.S. and abroad. The New York jeweler and specialty retailer reported net income of $35.9 million, or 24 cents a share, for the period ended April 30, compared with $32.7 million, or 22 cents a share, a year earlier. Sales rose 14% to $395.8 million. International retail sales rose 12% to $165.5 million.