Tiffany & Co reveals sales spike following bumper holiday trading

New York-based jeweller Tiffany & Co has reported that an improvement in-store and online over the festive period has resulted in a worldwide spike in sales.

The jeweller has recorded a worldwide net sales increase of 8% to $1.05bn (£0.72bn) for the two month period ending December 31, 2017.

Tiffany and Co has, in part, attributed the bumper results to growth across regions and product categories, and comparable store sales rising by 5%.

Story continues below
Advertisement

While sales in Europe increased by 14% to $136m (£97m) due to new store openings and comparable store sales increasing, other total sales declined 10% to $18m (£13m), and a 14% increase in comparable store sales was offset by a decline in wholesale sales of diamonds.

Alessandro Bogliolo, chief executive officer, shares: “We were pleased with the improvement in sales during the holiday period across regions and categories, both in-store and online. Some exceptional high jewellery creations further contributed to the sales performance. This recent return to growth in worldwide comparable store sales, fuelled by a substantial improvement in the Americas and Asia Pacific, is consistent with our commitment to generate solid and sustainable growth in sales, operating margin and earnings that is at least comparable to our industry peers over the long-term.”

While the two month period places the jeweller in a strong position, it comes after a serious of negative results.

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.

Bogliolo added: “However, while we are encouraged with the holiday sales results, we believe that the preceding negative comparable store sales trend can only be reversed on a sustainable basis by continuing to evolve our product offerings and customer experience and also by stepping up certain strategic spending in our business, all of which is reflected in our preliminary 2018 plans and earnings outlook.

“Nonetheless, our holiday period results confirm that the Tiffany & Co. brand is strong, and we are excited about our numerous long-term global opportunities to capitalize on that strength.”

Authors

*

Related posts

Top