Policies & IssuesJul 07, 2025
Higher Tariffs Set to Take Effect Aug. 1, Officials SayThe announcement comes just as the 90-day freeze on the “reciprocal” tariffs nears its end, giving countries more time to negotiate.
FinancialsMar 03, 2016
Tiffany sees third quarter comps fall
Despite sales growth in Canada and Latin America, weak tourist spending in the United States resulted in a poor third quarter in the Americas for Tiffany & Co.
While Tiffany’s overall sales were slow in the third quarter, the retailer reported strong sales of gold fashion jewelry worldwide with its T collection (pictured here) particularly popular.
New York--Despite sales growth in Canada and Latin America, weak tourist spending in the United States resulted in a poor third quarter in the Americas for Tiffany & Co., the retailer reported Tuesday.
The New York-based retailer’s same-store sales in the Americas were down 6 percent during the period ended Oct. 31, while total sales on a constant-exchange-rate basis fell 5 percent.
Despite strong sales of statement jewelry, there were “varying degrees of softness across most other jewelry categories” compared with last year’s strong third quarter, executives said in Tuesday’s earnings conference call.
Year-to-date comps and total sales also were down in the region, declining 2 percent and 1 percent, respectively.
The retailer said the declines were due in large part to lower foreign tourist spending in the U.S., attributed to the strong dollar, while sales to U.S. customers were relatively flat to last year due to a difficult year-over-year comparison as well as continued softness in consumer spending.
Tiffany executives also noted during the call that the retailer is in the process of some major U.S. store renovations. It just completed an upgrade of its store on Michigan Avenue in Chicago and now is focusing on its stores in San Francisco’s Union Square and on Rodeo Drive in Beverly Hills.
Globally, total same-store sales inched up 1 percent while total sales on a constant-exchange-rate basis rose 4 percent to $938 million in the third quarter. Sales growth in Japan, Europe and Asia-Pacific was partly offset by the lower sales in the Americas.
Worldwide, Tiffany said it recorded considerable growth in sales of high-end statement jewelry through its VIP customer events. Engagement jewelry performed well in Japan and Europe but was soft globally.
Gold fashion jewelry sales also were strong, reflecting the success of the Tiffany T collection.
The company noted that it is focused on expanding and refreshing existing collections, including reintroducing designs in its “Return to Tiffany”collection to improve its silver sales at price points below $500.
Meanwhile, Tiffany’s Infinity collection has been expanded in silver and gold, and the retailer also expanded the Victoria collection with new designs in platinum and diamonds as well as the Tiffany Bow collection with designs in gold and diamonds.
Executives also said that they have been happy with sales of the new CT60 and East West watch collections launched earlier this year.
In the nine-month period ended
Oct. 31, Tiffany’s global same-store sales were up 2 percent and total sales rose 4 percent. The company said that it raised prices during the quarter, which moved it closer to restoring its global pricing structure to normal levels given the dollar’s continued strength.
Tiffany opened two company-operated stores in the third quarter--in Santiago, Chile, and Macau--while closing one in Korea. Year-to-date, it has opened 10 net new stores.
As of Oct. 31, Tiffany operated 305 stores: 125 in the Americas, 79 in Asia-Pacific, 56 in Japan, 39 in Europe, and five stores in the United Arab Emirates and one in Russia. This is up from the 294 stores it operated a year ago: 122 in the Americas, 72 in Asia-Pacific, 56 in Japan, 38 in Europe, and five in the UAE and one in Russia.
More on Financials
The Latest
MajorsJul 07, 2025
Natural Diamond Council CEO David Kellie To Step DownKellie, who joined the organization in 2019, will remain in his role through the end of 2025.
CrimeJul 07, 2025
7 Suspects Charged in California Jewelry Store BurglaryPolice officers apprehended the suspects as they were allegedly attempting to gain entry into another jewelry store.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
Events & AwardsJul 07, 2025
Applications Open for Ella Klein Internship The program, a collaboration between Julius Klein Diamonds and the Women’s Jewelry Association, is in its second year.
Weekly QuizJul 02, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinJul 03, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
MajorsJul 03, 2025
Brilliant Earth Names Tennis Star Madison Keys as Its New AmbassadorThe 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
MajorsJul 03, 2025
Muse Sets Up Shop in Nordstrom’s New Jewelry HallThe West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.
SourcingJul 03, 2025
SRK Announces Its Natural Diamonds Are Now Carbon-NegativeThis past year, the manufacturer said it recorded below-zero emissions per carat of natural diamond.
CollectionsJul 03, 2025
Piece of the Week: A Firework of Diamonds From YepremThe brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.
CrimeJul 03, 2025
JSA Shares Holiday Weekend Security Tips Amid Spike in BurglariesJSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.
MajorsJul 02, 2025
Boucheron Looks to LA for First West Coast FlagshipLocated on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.
MajorsJul 02, 2025
Marco Bicego Opens Milan FlagshipThe new location continues the brand’s celebration of its 25th anniversary.
WatchesJul 02, 2025
Chrono24 Revamps Brand, Launches New CampaignThe online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.
SourcingJul 02, 2025
Bernadette Mack Joins Gem Legacy as Executive DirectorShe will oversee strategic planning, fundraising, industry partnerships, and the launch of the Gem Legacy Campus in Tanzania.
CrimeJul 02, 2025
Pandora, Amazon Partner to Uncover Counterfeit Jewelry NetworkWorking with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.
MajorsJul 01, 2025
Cast Closes Business, Plans for RelaunchThe jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship ProgramThe company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73He is remembered for his successful entrepreneurship, generosity, and dedication to his family.
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report SaysThe jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.
TrendsJul 01, 2025
Amanda’s Style File: Red Hot RubiesWelcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.
ColumnistsJun 30, 2025
The Smart Lab: Why Q3 Is the Secret Weapon For Holiday Jewelry SalesThe best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education ScholarshipThis year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry“The Jewelry Book” comes out this September.
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
