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.
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
IndependentsJun 27, 2025
David Webb Announces New Hires, PromotionsFollowing its recent acquisition, the storied brand has updated its leadership team and regional managers.
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
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.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
IndependentsJun 26, 2025
Penny Ruston Dies at 80 The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.
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.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
