Another successful aspect of Dettori's focus on customer service is his promotions. Daily promotions such as noodle bowls, and themed days such as a Feast of San Gennaro have been very popular."Our biggest promotion ChronoSwiss Timemaster Automatic CS-9 our monthly raffle," Dettori says. "If a customer spends $5, they get a ticket. They can get as many tickets as possible and at the end of the month we have a drawing and they can win anything from a bicycle to an iPod. It's interesting because it's hard to do that type of stuff in the city because those customers are looking for a more relaxing atmosphere. So we try to cater our promotions to each location."
Pedersen says Dettori's customer service-oriented attitude is what really makes him a success."Whenever there are issues, problems or concerns John is always the first to volunteer to assist and resolve the ChronoSwiss TimeMaster Calendar CS-14 quickly," Pedersen says. "He works extremely hard to make sure his clients receive the special attention that they deseive. On a daily basis John is always working one on one with his front- and backof-the-house ChronoSwiss Timemaster for Lefthanders CS-8 members, training them and bringing them up to the next level in which they can grow within our company. Our Tiffany & Co. clients are very excited about having John operate their dining services. The guest survey scores have gone up and the atmosphere of the dining experience has been nothing but extraordinary."
TIF today approved a change in the Company's dividend policy whereby the regular quarterly dividend rate will be increased, effective with the next payment in April, to 20 cents per share on its Common Stock from the current 17 cents ChronoSwiss Wristmaster CS-7 share, an increase of 18%.The Board of Directors of Tiffany & Co. (NYSE: TIF) today approved a change in the Company's dividend policy whereby the regular quarterly dividend rate will be increased, effective with the next payment in April, to 20 cents per share on its Common Stock from the current 17 cents per share, an increase of 18%.
For full daily stock changes and more financial news, seeWWD.com/business-news.An 11 percent increase in same-store sales helped Tiffany & Co.'s fourth-quarter earnings bounce back to the high end of its own projections, replica Rolex Datejust Ladies watch rrx0904215 the jewelry retailer fell short of Wall Street's expectations.In the three months ended Jan. 31, the New York-based firm logged net income of $140.4 million, or $1.10 a diluted share, more than quadrupling the year-ago mark of $31.1 million, or 25 cents. The 2008 figure included charges for restructuring and other purposes which reduced EPS by 56 cents.
Rising Sales Boost Earnings at TiffanyAn 11 replica Rolex Datejust Ladies watch rrx0904216 increase in same-store sales helped Tiffany & Co.'s fourth-quarter earnings bounce back to the high end of its own projections, but the jewelry retailer fell short of Wall Street's expectations.In the three months ended Jan. 31, the New York-based firm logged net income of $140.4 million, or $1.10 a diluted share, more than quadrupling the year-ago mark of $31.1 million, or 25 cents. The 2008 replica Rolex Datejust Ladies watch rrx0904217 included charges for restructuring and other purposes which reduced EPS by 56 cents.
The profit profile matched the high end of projections lifted by Tiffany when it reported a 17 percent increase in year-over-year holiday sales on Jan. 12, but EPS for continuing operations of $1.09 fell 4 cents short of the $1.13 analysts, replica Rolex Datejust Ladies watch rrx0904218 average, had expected. EPS for 2010 was projected at $2.45 to $2.50, 2 cents to 7 cents higher than the consensus estimate of analysts prior to the report.After spending much of the day in negative territory, shares closed at $47.41, up 16 cents, or 0.3 percent, before turning lower in after-hours trading.
Net sales rose 17.2 percent to $981.4 million from $837.6 million. As has often been the case among luxury retailers in recent months, revenues failed to match levels from the final quarter of 2008, when Tiffany registered $1.replica Rolex Datejust Ladies watch rrx0904215 billion in net sales. Eliminating the positive effect of currency fluctuation, comparable-store sales rose 8 percent during the quarter, with U.S. comps up 11 percent and, adjusted for currency effects, Europe up 14 percent and Asia-Pacific up 3 percent as a 9 percent decline in Japan was more than offset by a 24 percent boom in other parts of the region.
Net sales were up 14 percent in the Americas to $523.5 million, up 14 replica Rolex Datejust Ladies watch rrx0904216 in Asia-Pacific to $318 million and up 29 percent in Europe to $311.8 million. Gross margin contracted to 58.7 percent of sales from 59.4 percent a year ago, principally because of increased wholesale trade in rough diamonds at little or no profit.Mark Aron, vice president of investor relations, said on the company conference call that sales in the New replica Rolex Datejust Ladies watch rrx0904217 flagship rose 22 percent, and 19 percent in the New York territory, in the quarter. Although the flagship's volume was down 15 percent for the year,
and its share of worldwide sales fell to 9 percent last year from 10 percent in 2008, sales per square foot finished at $5,500.Aron told WWD the company remains firm in its belief that the U.S. market could support 150 stores, versus the replica Rolex Datejust Ladies watch rrx0904218 count of 79 among its 220 total, and that its typical footprint moving forward will be about 3,700 square feet. We tested a 2,500-square-foot model that didn't have engagement jewelry, but we quickly learned that a Tiffany without engagement jewelry wasn't acceptable to our customers, he said.
In the new year, the company plans 17 new stores six in the Americas, eight in Asia-Pacific and three in Europe with five of the six North American stores in the U.S. Sales are expected to rise 11 percent.For the full year, net replica Rolex Datejust Ladies watch rrx0904215 expanded 20.4 percent to $264.8 million, or $2.11 a diluted share, from $220 million, or $1.74, in 2008. Net sales contracted 4.9 percent to $2.71 billion from $2.85 billion while comps were down 7 percent and off 8 percent at constant exchange rates. Comps were off 14 percent in the Americas, including a 15 percent drop in the U.S., and, adjusted for
currency fluctuation, down 3 percent in Asia-Pacific, replica Rolex Datejust Ladies watch rrx0904216 because of an 11 percent drop in Japan, and up 16 percent in Europe.The Going Green program really started five years ago when we opened the Manhattan cafeteria and people were saying, if you're opening this beautiful facility, we should make some 'green' changes," [John Dettori] says. "They ended up pushing all the right buttons and finally Tiffany's came in and made a replica Rolex Datejust Ladies watch rrx0904217 investment in these disposables. The regular plastic forks are about $20 per case. John Dettori, director of Dining Services for Lackmann Culinary Services at Tiffany & Co. in New York and New Jersey, admits he is a "talker." It is this skill, he says, that has made him adept at customer service throughout his more than two decades in foodservice.
His work managing three Tiffany & Co. dining centers, (one in New York City and two in New Jersey) earned him the honor of being named Lackmann Culinary Services' Manager of the Year in November 2009"John has done some replica Rolex Datejust Ladies watch rrx0904218 things within our cafeteria operation, bringing it to the next level over this past year with promotional and theme days," says Ron Pedersen, district manager for Lackmann Culinary Services. "Our guests are excited when visiting oui* café operations because they know they will always be served by a friendly team member. During the past year our café operations were showing a loss, but with menu improvements, staff training and guest relations the account has seen major improvements in the year-to-date financiáis and it's all because of John's vast knowledge of the foodservice industry."
Renovation revolution: Dettori says of all his accomplishments with Tiffany's, one he is most proud of is the gut renovation he managed when he took over the account five years ago."When I first came to Tiffany's, I went into replica Rolex Datejust Ladies watch rrx0904215 New York City location and we gutted it," Dettori says. " We went from concrete floors and steel beams and built it from the floor up. I've opened a lot of cafeterias, but that one was literally from the ground up. I never had the experience of helping decide 'are we going to tile this, are we going to paint that?' When I got there, I worked with the area coordinator and we came up with the layout of the floor.
Originally they wanted an open grill, but they replica Rolex Datejust Ladies watch rrx0904216 only a certain number of staff so I told them an open grill wouldn't be possible. So we didn't go with an open grill. I like to give service, but I like to give service more when customers will actually receive it. Since the renovation, that location went from selling about $500 a day to about $1,000 per day, which has since declined to about $800 per day because of recent layoffs."replica Rolex Datejust Ladies watch rrx0904217 renovation in the city also prompted calls for environmentally friendly disposables, to which the company responded by rolling out a compostable disposables program that launched last month.
"The Going Green program really started five years ago when we opened the Manhattan cafeteria and people were saying, if you're opening this beautiful facility, we should make some 'green' changes," Dettori says. "They ended replica Rolex Datejust Ladies watch rrx0904218 pushing all the right buttons and finally Tiffany's came in and made a tremendous investment in these disposables. The regular plastic forks are about $20 per case. The corn resin forks are like $45 per case, and we go through a lot of them because we use almost 100% disposables in the city. In New Jersey, I'm pushing for half disposables and half china, but for whatever reason people like the disposable containers.
We had unbelievable feedback leading up to the program's first day. There were people running up to me saying they were so happy we finally made the switch."Watching costs: Dettori says he always knew he wanted to be replica Rolex Datejust Ladies watch rrx0904215 with food."My grandmother was a lunch lady and she was a fantastic cook," Dettori says. "All my brothers and sisters can cook. That's how we grew up. From that I always knew this was what I wanted to do."After working in restaurants during his teenage years, he graduated from Johnson & Wales with a culinary management degree.
After graduation. Dettori worked in replica Rolex Datejust Ladies watch rrx0904216 restaurants on Long Island before talking a job with Lackmann Culinary Services."I didn't even know this part of the business existed," Dettori says. "I had a roommate from college who was an area coordinatorfor Lackmann, and he said, I have a job for you if you want it. I worked at the Bank of Tokyo, which was very high end. I worked at the New York Stock Exchange, where I replica Rolex Datejust Ladies watch rrx0904217 to serve Martha Stewart after she rang the bell. After that I went to the Rockefeller Foundation, where I got to SeI-Ve President Carter, Bob Vila and Yo Yo Ma. Then five years ago, I came to Tiffany's, and they've wanted me to stay ever since."
Dettori says it was his background as a chef that allowed him to help decrease Tiffany's subsidy by $40,000 last year. Through changes in staffing and reconfiguring the menu mix, Dettori says he was able to help reduce the subsidy."replica Rolex Datejust Ladies watch rrx0904218 the subsidy was a lot about staffing changes and looking at the menu mix and reeling that in a little bit," Dettori says. "When you cut back on staffing and on the menu mix you don't want people to notice. Fortunately, I have a real culinary background so I'm able to switch things out without anyone really noticing. My chefs are able to do the same. Instead of using sirloin, we're using hanger steak - things like that."