MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
FinancialsDec 05, 2019
Tiffany’s Sales Take a Hit in the Americas
The jeweler fell short of revenue and same-store sales expectations in Q3 due to weak demand in the Americas and unrest in Hong Kong.
The “Five Golden Schlumberger Rings” ($210,000) featured in Tiffany & Co.’s new high-end holiday gift guide. The jeweler fell short of revenue and same-store sales expectations in the third quarter.
New York—Tiffany & Co. missed the mark on revenue and same-store sales in the third quarter as demand in the Americas weakened and the toll of the Hong Kong protests outweighed growth in mainland China.
It was the American jeweler’s first earnings report since announcing its pending acquisition by French luxury titan LVMH Moët Hennessy Louis Vuitton in a deal valued at $16.2 billion.
Net sales in the third quarter were unchanged at $1.014 billion, compared with $1.012 billion a year ago.
Same-store sales were also flat.
The jeweler fell short of analyst expectations of $1.037 billion in revenue with same-store sales growth of 1 percent.
Excluding the Hong Kong market, worldwide sales increased 4 percent with same-store sales rising 3 percent.
Gross profit dipped 1 percent to $625.7 million, or 62 percent of sales, compared with $629.3 million, or 62 percent of sales, a year ago.
“Our underlying business remains healthy with sales attributed to local customers on a global basis growing in the third quarter, led by strong double-digit growth in the Chinese Mainland offset in part by softness in domestic sales in the Americas,” CEO Alessandro Bogliolo said in a press release.
(Tiffany did not hold an earnings call discussing the results.)
Net sales in the Americas, where the most Tiffany stores are located, were down 4 percent to $423 million due in part to a decline in sales from both local customers and tourists.
Same-store sales in the region also fell 4 percent.
European sales fell 3 percent to $111 million, attributed to the effect of foreign currency translation, while same-store sales were unchanged.
Asia-Pacific sales were flat at $294 million, also attributed to foreign currency translation, while same-store sales were down 2 percent.
Tiffany highlighted its double-digit growth in mainland China while noting the effect of “significant disruptions” in Hong Kong related to the ongoing political unrest in the region.
Higher spending by locals was offset by a dip in tourist spending.
In Japan, third-quarter sales soared 19 percent to $169 million with same-store sales also up 19 percent.
Tiffany attributed the growth to customers getting in last-minute shopping before the country’s consumption tax hike took effect in October, rising from 8 percent to 10 percent on most goods.
Sales from the “other” segment, which includes five Tiffany stores in the United Arab Emirates, fell 13 percent to $17 million while same-store sales were down 3 percent.
By category, sales from Tiffany’s jewelry
collections, which includes lines like “Tiffany T” and “Paper Flowers,” and sales from its engagement jewelry, were unchanged.
Sales of jewelry from designers Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger increased 1 percent.
Bogliolo noted in the second-quarter earnings call in August that the company plans to “properly refresh our product assortment,” by fiscal 2021.
The jeweler recently added colorful pieces to its “Tiffany T” collection, introduced a men’s collection, launched his and hers Tiffany & Love fragrances, and the new “Very, Very Tiffany” holiday campaign and catalog featuring luxe, high-ticket gift items.
As of Oct. 31, there were 323 Tiffany stores in operation worldwide, including 124 in the Americas, compared with 321 a year ago.
Tiffany did not provide guidance for the year ahead, but Chief Financial Officer Mark Erceg noted in the second quarter that if the ongoing unrest in Hong Kong continues, the jeweler’s full-year sales and EPS (earnings per share) could come in at the lower end of its guidance range.
Sales of jewelry from designers Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger increased 1 percent.
Bogliolo noted in the second-quarter earnings call in August that the company plans to “properly refresh our product assortment,” by fiscal 2021.
The jeweler recently added colorful pieces to its “Tiffany T” collection, introduced a men’s collection, launched his and hers Tiffany & Love fragrances, and the new “Very, Very Tiffany” holiday campaign and catalog featuring luxe, high-ticket gift items.
As of Oct. 31, there were 323 Tiffany stores in operation worldwide, including 124 in the Americas, compared with 321 a year ago.
Tiffany did not provide guidance for the year ahead, but Chief Financial Officer Mark Erceg noted in the second quarter that if the ongoing unrest in Hong Kong continues, the jeweler’s full-year sales and EPS (earnings per share) could come in at the lower end of its guidance range.
More on Financials
The Latest
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
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.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
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 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
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.
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.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
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.
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.
