Worldwide sales year-on-year show a 14% increase
New York-based fine jewellers Tiffany & Co have reported its jewellery sales increased by 14% year-on-year in Q3.
The rise is being attributed to strong sales of higher priced jeweller such as engagement rings and diamonds in the American and European market. The continued growth has further strengthened the belief that luxury spending is returning to pre-recession standards.
The retailer posted overall sales of $681.7 million (around £432.3 million) with same-store sales rising by 9% during both the three month period and year to date. Share prices also rose from $2.81, or 4.8% to $61.08 in morning trading yesterday (November 24).
Tiffany’s Vice President of Investor Relations Mark Aaron told the AP, "Sales of engagement jewellery were strong in the Americas, Asia-Pacific and Europe, statement jewellery and the fine jewellery category, including the Tiffany Garden and Metro collections, celebration rings and many others, performed very well, reflecting the overall strength of higher-end transactions in platinum, diamonds and gold.”
The company said it plans to accelerate store openings next year and sees potential for more stores in Canada, Mexico and Brazil.