Multinational luxury jewelry retailer, Tiffany & Co, has reported worldwide net sales of $3.8bn for FY2012, ended 31 January 2013.

The figures represent a 4% increase over the corresponding figures in the 2011 fiscal.

Net earnings for the retailer, however, declined 5% to $416m, with the company ending the fiscal with net inventories of $2.2bn.

The company expended $220m in 2012, slightly lower than the $239m outlay for 2011, to unveil 28 new stores with 13 of the outlets in the Americas and eight in Asia-Pacific.

Commenting on the results for the fiscal, Tiffany & Co chairman and chief executive officer Michael J. Kowalski said that returns for 2012 were disappointing due to lower-than-expected sales growth and pressures on gross margin.

Looking ahead to 2013, the retailer plans to unveil 15 new stores in the 2013 fiscal, with 7 of them expected to come up in the Asia-Pacific market.

Five of the proposed stores will be located in the America, while three others in the European market.

Tiffany also plans to close one of its Japanese outlets during the course of the fisal.

"We will be pursuing important growth opportunities in 2013, with plans including exciting new jewelry collections, enhanced customer communications through print and digital media, and expansion of our global base with additional stores.

"Tiffany is well positioned to achieve net earnings growth of 6%-9% and healthy free cash flow," opined Kowalski.

New outlets, according to the company, will help realize 6-8% growth in sales for the fiscal net earnings set to increase 6-9%.