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Saturday 24 June 2017

Sales sparkle at Tiffany's Ireland as revenues climb to €4.3m

Lady Gaga, who is to front the luxury brand’s Legendary Style campaign and launch a new jewellery collection Tiffany Hardwear
Lady Gaga, who is to front the luxury brand’s Legendary Style campaign and launch a new jewellery collection Tiffany Hardwear

Gordon Deegan

Sales sparkled at the one Irish store operated by luxury brand, Tiffany's last year as revenues increased by 16pc to €4.3m.

The US-owned jewellery firm operates only one outlet in Ireland at Grafton Street's Brown Thomas branch.

New figures show that Tiffany's and its online Irish store recorded average weekly revenues of €84,288 last year as revenues climbed from €3.77m to €4.3m.

The new figures just lodged with the Companies Office show pre-tax profits at Tiffany & Co (Jewellers) Ltd declined by 46pc to €131,000 in the 12 months to the end of January last.

The US firm was established in 1837 and is today a worldwide corporation which operates around 300 stores, including its Irish operation, which is a modest one compared to overseas outlets.

Last week, Tiffany's announced that Lady Gaga will represent the brand in its Legendary Style campaign and launch a new jewellery collection, Tiffany Hardwear.

The figures show that Tiffany's cash pile here last year decreased from €1.23m to €1m.

The firm's staff numbers increased from 13 to 14 with staff costs increasing to €615,000. The company's operating lease charges totalled €636,000 - an increase on the €513,000 paid out in 2015.

In the 12 months to the end of January last, Tiffany's reported global revenues of $4.1bn.

Irish Independent

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