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FinancialsAug 27, 2015
Second quarter sales flat for Tiffany
The company noted that comps and total sales were about equal to the prior year in the Americas due to the negative effect of the strength of the U.S. dollar and lower foreign tourist spending, leading to a tempered full-year earnings forecast.
Tiffany&Co. noted in its second quarter conference call held Thursday that the new interpretations of its Bow, Victoria and Infinity collections, as well as Return to Tiffany line, will offer customers freshness that will “improve overall s
New York--Though it saw healthy growth in Canada and Latin America, Tiffany & Co. reported Thursday that both same-store sales and net sales on a constant exchange basis were flat year-over-year in the Americas in the second quarter ended July 31.
Total sales in the region were down 2 percent to $475 million during the three-month-period, as higher sales to U.S. customers contrasted with lower foreign tourist spending in the country, which the retailer said it attributes to the strong U.S. dollar.
Globally, same-store sales increased 7 percent during the second quarter, due to growth in Japan, Europe and Asia-Pacific, as well as increased sales of fashion gold jewelry and statement jewelry. Total sales were $991 million in the quarter, as compared with $993 million in 2014.
For the first half of the year, total sales in the Americas rose 1 percent to $918 million and comp store sales were unchanged. Global comps were up 3 percent year-over-year on a constant-exchange-rate basis for the six-month-period, while total sales rose 4 percent to approximately $2 billion.
Tiffany & Co. CEO Frederic Cumenal said while adverse effects from the strong U.S. dollar have been more significant than initially expected, the company met its overall expectations in the first half of the year.
“We entered this year expecting translation and tourism-related pressures on sales and earnings from the exceptionally strong U.S. dollar, as well as challenging economic conditions in certain markets,” he said. “We are pleased with responses to new designs, including our Tiffany T jewelry and CT60 watch collections, and are excited about upcoming additions being made to bolster sales across jewelry categories and price points.”
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Cumenal added that the brand expanded its global presence throughout the second quarter by opening six stores across the Americas, Europe and the Asia-Pacific region, in Geneva, Switzerland; Ottawa, Canada; Bangkok, Thailand; Macau; and two in China, in Shanghai and Hangzhou. Tiffany also announced this month it would be opening its first retail store in New Zealand, a location in Auckland.
In Europe, both total sales and same-store sales in the second quarter rose 19 percent, as growth in the United Kingdom and across the continent largely benefitted from higher spending by foreign tourists and, to a lesser extent, more spending by local customers. For the first six months of the year,
total sales were up 20 percent and comps increased 18 percent.
Same-store sales were up 6 percent in the Asia-Pacific region while total sales rose 9 percent. For the first half of the year, total sales and comps increased 6 percent and 4 percent, respectively. In both periods, double-digit sales growth in China and Australia was combined with mixed performance in other markets.
Benefitting from higher sales to foreign tourists were sales in Japan, which rose 27 percent in total sales and 21 percent in same-store sales. First half total sales in this region were unchanged, while comps dropped 6 percent.
“In light of the difficult environment exacerbated by the strong dollar and ongoing external uncertainties, we are tempering our full-year earnings forecast,” Cumenal said. “However, we remained focused on pursuing longer-term growth opportunities that strengthen Tiffany’s position among the world’s important luxury brands.”
As of July 31, the company operates 304 stores, 124 of which are in the Americas, compared with 122 a year ago.
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