New York-based jeweller Tiffanys & Co.’s sales across Europe have decreased by 3% compare to last year according to first quarter financial report.
At the end of Q4 the jewellery brand, which had reported an 8% fall in sales across Europe, blamed lower spending by local customers and foreign tourists across continental Europe. Much like the last quarter strong performances in the Americas, the UK, China and Japan offset the decline.
While performance was generally soft in continental Europe, management attributed sales growth in the UK to a constant-exchange-rate basis to spending by local customers and foreign tourists.
Despite regional decline, worldwide net sales rose 1% to $900 million due to growth in Asia-Pacific and an increase in the wholesale sale of diamonds, and comparable store sales were 3% below the prior year.
In the Asia-Pacific region, total sales of $257 million were 8% above the prior year, while comparable store sales declined 3%.
Michael J. Kowalski, chairman of the board and interim chief executive officer, said: “While these results modestly exceeded our near-term expectations, we are focused on executing long-term strategies to achieve stronger and sustainable performance through product introductions, optimization of our store base, effective marketing communications and the delivery of experiences that resonate with our customers. In so doing, we believe Tiffany & Co. well-positioned to generate an attractive total shareholder return over the long-term.”