In a world of finite capacity, our internal jewelry manufacturing operations ensure both adequate and timely product availability. Both of these areas also deliver gross margin benefits.
With the support of a relatively new and talented management team in Japan, we do expect to make progress toward growing that business again in 2005. Among the areas of continued focus are our new product introductions, especially engagement jewelry designs, entry level silver , and iconic gold jewelry collections, exciting new store locations, improvements in visual merchandising and additional store renovations, intensified marketing and public relations efforts that focus squarely all of our promotional efforts on showcasing Tiffany’s fashion ability, and finally of greatest importance, developing a stronger sales culture in Japan.
Nevertheless, Tiffany’s operating performance in 2004 did not meet the objectives that we had established at the start of the year. In total, net sales rose 10 percent to 2.2 billion in 2004. And although we achieved strong comparable store sales results and growth in the United States and certain international markets, we did not achieve the results we were looking for in Japan.
Looking beyond our borders. International retail sales represented 39 percent of net sales in 2004, and included 96 Company-operated Tiffany & Company stores and boutiques. Our largest international market remains Japan, representing 22 percent of net sales in 2004. And of course, Tiffany’s performance in Japan has been well below our expectations for the past 3 years, and we continue to take important steps for the areas under our control.
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