Jewellery giant Tiffany & Co has revealed that its earnings (inclusive of transaction-related expenses) for August and September 2020 are up 25% on the same period last year.
This comes as part of its latest financial report and is in spite of a year-on-year decrease in sales during that same two-month period.
It also revealed that sales trends remain positive through October, and noted that e-commerce sales for August and September were up roughly 100% over the same months in 2019.
Online sales represent 13% of total net sales year-to-date through September 30, Tiffany said. This is compared to the usual 6% of total global net sales that e-commerce would typically represent.
The company will be hopeful that its increased earnings will stand it in good stead in its court battle with LVMH, which is suing Tiffany for “mismanagement” during 2020, arguing that the jewellery brand is not the same company LVMH agreed to buy last year.
Elsewhere, Tiffany noted a “low double-digit percentage” decline in US sales and said its performance in mainland China remained strong.
Chief executive officer, Alessandro Bogliolo, said, “While we still expect full-year results to be substantially impacted by COVID-19, we are very pleased with the way the business has rebounded following the first quarter and continues to rebound in the third quarter, especially in mainland China, and to recover in the United States.”