CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
FinancialsJun 04, 2019
Tiffany’s Q1 Sales Dragged Down By Weak Tourist Spending
Trade tensions between the United States and China took a toll on the jeweler.
Tiffany & Co., which has its U.S. flagship on Fifth Avenue in New York, reported a 3 percent drop in worldwide sales in its first quarter, with sales in the Americas declining 4 percent.
New York—Tiffany & Co. reported a dip in worldwide sales in the first quarter, weighed down by weak tourist spending.
Net sales in the first quarter, which included both Valentine’s and Mother’s Day, totaled $1 billion, compared with $1.03 billion in the previous first quarter, a 3 percent drop.
Worldwide same-stores sales fell declined by 2 percent.
“Our first quarter results reflect significant foreign-exchange headwinds and dramatically lower worldwide spending attributed to foreign tourists,” CEO Alessandro Bogliolo said in the news release on the results.
Trade tensions between the United States and China also have taken a toll on the retailer, as tariffs haven risen to 25 percent on jewelry sent to China from the U.S., as noted in the filing.
Gross profit fell about 5 percent to $619.2 million, or about 62 percent of sales, compared with $650.9 million, or 63 percent of sales, a year ago.
“The sharp decline we saw [in foreign tourist spending] really presented itself for the first time in June of last year and we have been running down significantly since that point in time,” Chief Financial Officer Mark J. Erceg said during the company’s earnings call Tuesday morning.
Net sales in the Americas, where the most Tiffany stores are located, were down 4 percent to $406 million. Same-store sales in the region fell 5 percent.
European sales fell 4 percent to $102 million while same-store sales were down 7 percent.
Asia-Pacific sales dropped 1 percent to $324 million as tourist spending slowed, and same-store sales were down by 5 percent.
Sales in Japan fell 4 percent to $145 million, again linked to lower tourist spending, while same-store sales were down 4 percent.
Sales from the “other” segment, which includes five Tiffany stores in the United Arab Emirates, were a bright spot on the balance sheet, climbing 17 percent to $26 million as wholesale diamond sales grew.
However, same-store sales in the UAE fell by 17 percent.
By category, sales of pieces from Tiffany’s jewelry collections, which includes lines like “Tiffany T” and “Paper Flowers,” increased 1 percent.
Sales of engagement jewelry fell 6 percent while jewelry from designers such as Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger dropped 14 percent.
As of April 30, there were 321 Tiffany stores in operation compared with 314 a year ago. There are 124 stores in the Americas, one more than a year ago.
Looking ahead, Tiffany expects worldwide net sales to increase by a low-single-digital percentage over last year.
Earnings
per share are expected to continue to decline in the second quarter of the year due to the effect of lower foreign tourist spending, though CEO Bogliolo noted in a statement that sales to local customers, particularly in China, are on the rise.
“At the core of our business, global sales attributed to local customers, led by sales in China, grew over last year’s very strong sales results,” he said.
He said growth in sales to local customers “reflects progress” and said Tiffany is set to improve in the second half of the year.
“At the core of our business, global sales attributed to local customers, led by sales in China, grew over last year’s very strong sales results,” he said.
He said growth in sales to local customers “reflects progress” and said Tiffany is set to improve in the second half of the year.
More on Financials
The Latest
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
