Tiffany: On track to open 16 new stores in 2010

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New York City Tiffany & Co. said Thursday that it will open 16 new locations in 2010, reiterating expansion plans unveiled earlier.

Tiffany CFO Jim Fernandez told attendees of a Deutsche Bank consumer conference in Paris Thursday that while the luxury retailer reduced capital spending last year, it plans for capital outlays of 6% to 7% of sales this year.

Fernandez affirmed Tiffany's plan to open 16 stores in 2010, including six in the Americas, eight in Asia-Pacific and two in Europe.

Tiffany now operates 223 stores in 22 countries.

After sales fell 5% in 2009, Tiffany reported revenue increases of 22% for its fiscal first quarter ended April 30. That included an increase in traffic in the United States, Fernandez said. "Consumers were feeling much better," he said.

Fernandez told the group that Tiffany's other plans include launching a leather goods collection and accessories such as wallets, key holders, business card holders and luggage tags to sell for $100 or $120, less than a typical Tiffany item.

"We have to see how they sell on our major market stores, and then we can talk about further distribution around the world or through Europe," he said.