Tiffany & Co. reported that worldwide sales were flat in the third quarter of the year.
As the company got ready for its pending sale to luxury conglomerate LVMH, worldwide net sales came in at $1 billion, roughly even with the prior year. Comp sales were flat as well. On a constant-exchange-rate basis, net sales and comparable sales both rose 1% from the prior year.
The company’s chief executive officer, Alessandro Bogliolo, says of the results: “Our underlying business remains healthy with sales attributed to local customers on a global basis growing in the third quarter, led by strong double-digit growth in the Chinese Mainland offset in part by softness in domestic sales in the Americas. We are continuing to amplify the brand with the recent colorful extension of Tiffany T, the launch of the men’s collection, the unveiling of the Tiffany & Love fragrance pillars and our ‘Very, Very Tiffany Holiday campaign’.”
He adds: “We are very excited about the recently announced transaction with LVMH and, pending the required approvals, look forward to becoming part of the LVMH family of exceptional luxury brands.”
In Europe, total net sales declined 3% in the third quarter and 4% in the year-to-date, to $111 million (£84.5m) and $330 million (£251m), respectively, and comparable sales were unchanged in Q3 and declined 4% in the year-to-date.
Tiffany has opened five company-operated stores in the year-to-date and closed three. At October 31, 2019, the company operated 323 stores (124 in the Americas, 90 in Asia-Pacific, 56 in Japan, 48 in Europe, and five in the UAE).