Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.
Tiffany Continues Slide as Sales Decline 6%
The New York-based jeweler had another difficult quarter, with total sales down 6 percent and comps declining 9 percent in the Americas.
New York--Tiffany & Co. had another difficult quarter, reporting drops in comps and net sales across all regions.
In the second quarter ended July 31, the jeweler’s comparable store sales were down 9 percent on a constant exchange rate basis in the Americas. For the first half, same-store sales also were down 9 percent.
Net sales in the region fell 8 percent on a constant exchange rate basis to $434 million in the three-month period and 8 percent in the half-year period to $837 million.
The company attributed the declines to a lack of domestic spending and poor tourist spending, particularly among Chinese consumers.
Globally, comps declined 9 percent in the second quarter and in the second half.
Worldwide, net sales declined by 6 percent in the second quarter to $932 million, averaging a 6 percent decrease (on a constant exchange rate basis) in worldwide net sales to $1.8 billion over the first half of the fiscal year.
This was a very slight improvement from the first quarter, when total worldwide sales were down 7 percent.
Net earnings were basically flat for the company in the second quarter, at $105.7 million, while the half-year period saw net earnings drop from $209.7 million in the prior-year period to $193.2 million this year.
On an earnings call Thursday morning, Tiffany Vice President of Investor Relations Mark Aaron said that the results “were better than the expected decline that we had communicated three months ago,” though, “worldwide sales were close to what we anticipated.”
Frederic Cumenal, chief executive officer, said in a company news release, “The global environment continues to reflect well-known challenges that we believe have had broad effects on spending by local customers, as well as foreign tourists, especially from China. We are managing expenses efficiently, but also maintaining our marketing spending as a percentage of sales and continuing to invest in key strategic initiatives and opportunities to further strengthen Tiffany's competitive position among global luxury brands. By delivering extraordinary products and experiences to our customers around the world, we remain focused on growing sales, operating margins and earnings, and creating greater value for stockholders.”
Cumenal was referencing a slew of initiatives Tiffany has launched this year, most recently a media campaign across print, digital and social media platforms, as well as the announcement of a creative partnership with Grace Coddington, a home collaboration with Reed Krakoff and sales of select items on Net-a-Porter.
The Latest

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

Respondents were concerned about job availability and rising prices.

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.


Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

Move over neck mess, the ear story is the way to make a layering statement today.

The New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.

The “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.

Holiday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.

Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.

The red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.

Botswana’s president said his country wants a controlling share, while Angola envisions multiple countries holding minority stakes.

The manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.

The jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.

The Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.

The 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.

De Beers’ refreshed, multipronged approach, which includes generic promotions and retail partnerships, is delivering positive dividends.
They are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.

Jewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.

The collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.

He previously served as co-chair of the nonprofit’s beneficiary committee.