Financials

Tiffany Sees Q4 Sales Bump, Braces for Coronavirus Hit

FinancialsMar 20, 2020

Tiffany Sees Q4 Sales Bump, Braces for Coronavirus Hit

The jeweler’s main focus is preparing to weather the coronavirus pandemic, said CEO Alessandro Bogliolo.

2018_Tiffany-True.jpg
The Tiffany True engagement ring in platinum with a square mixed-cut diamond and in 18-karat yellow gold with a yellow diamond. The jeweler’s engagement jewelry sales were down 2 percent in its recent full-year results, but gold and diamond jewelry sales boosted its bottom line.

New York—Tiffany & Co. reported an increase in sales in the fourth quarter as gold and diamond jewelry boosted its balance sheet, but the coronavirus outbreak looms large as many of the retailer’s stores remain closed.

Worldwide net sales in the fourth quarter rose 3 percent to $1.36 billion, compared with $1.32 billion a year ago. Same-store sales were also up 3 percent.

Net sales for the full year clocked in at $4.44 billion, a slight increase compared with $4.42 billion a year ago, while same-store sales were unchanged.

“Our primary focus now is on preparing our company, business and communities for the COVID-19 pandemic and the return to normal operations,” CEO Alessandro Bogliolo said in a press release.

Tiffany’s stores in the United States and Canada have been closed temporarily as the countries grapple with the coronavirus outbreak.

In mainland China, the jeweler has lost half of its normal selling days since Jan. 24.

Looking at the jeweler’s fourth-quarter performance region by region, in the Americas, where the most Tiffany stores are located, net sales in the fourth quarter were up 4 percent to $640 million with same-store sales up 3 percent as local customers increased spending.

Full-year sales slipped 2 percent to $1.9 billion with same-store sales also down 2 percent. The dip in sales was attributed to lower spending by foreign tourists.

In the Asia-Pacific region, fourth-quarter net sales were up 8 percent to $342 million with same-store sales climbing 7 percent. For the full year, net sales were up 2 percent to $1.3 billion with same-store sales down 1 percent.

The company experienced “significant disruptions” in the Hong Kong market due to political unrest but double-digit growth in mainland China in the fourth quarter and the full year offset that.

European sales rose 4 percent to $168 million in the fourth quarter with same-store sales up 5 percent. For the full year, sales dipped 1 percent to $498 million with same-store sales down 1 percent.

In Japan, sales dipped 8 percent in the quarter to $180 million, which Tiffany said reflected a change in Japan’s consumption tax, with same-store sales also down 8 percent.

Full-year sales in Japan were up 1 percent to $650 million with same-store sales unchanged.

Sales from the “other” segment, which includes five Tiffany stores in the United Arab Emirates, fell 9 percent to $26 million in the quarter while same-store sales were up 11 percent.

Full-year sales were down

2 percent to $94 million with same-store sales down 9 percent, with the dip attributed to a decrease in wholesale sales of diamonds.

By category, sales from Tiffany’s jewelry collections, which includes lines like “Paper Flowers,” were up 2 percent while engagement jewelry sales dipped 2 percent.

The “Tiffany T” collection as well as its high jewelry were the sales drivers, the jeweler said, while sales of jewelry from designers Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger fell 6 percent

Bogliolo attributed growth in the fourth quarter to the company’s focus on “elevating our sales mix toward higher-value items within each jewelry product category, with the largest growth being in our gold and gold and diamond offerings.”

The higher price points of the gold and diamond offerings contributed to a 10 percent year-over-year increase in overall average unit retail price.

Highlights of Tiffany’s year include the addition of colorful pieces to its “Tiffany T” collection, a new men’s collection, the launch of his and hers Tiffany & Love fragrances, and the “Very, Very Tiffany” holiday campaign and catalog featuring luxe, high-ticket gift items.

As of Jan. 31, there were 326 Tiffany stores in operation worldwide, including 124 in the Americas. Nine stores opened and four closed this fiscal year.

Tiffany did not provide guidance for the year ahead as its acquisition by luxury titan LVMH is still pending.
Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Selena Gomez and Benny Blanco Wedding, Jacob & Co. Watch
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White Metals

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

HRD Antwerp CEO Paul De Wachter
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEO

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift Kallati sapphire ring
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire Ring

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

gia-edu main image.png
Brought to you by
A Brilliant Future Is Here

Online education from GIA experts.

Boucheron Quatre Sand Collection
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed Sand

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Weekly QuizOct 02, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Stock image of crime scene tape
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

Neil Lane and Boucheron bow tie brooch
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

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

Just Jules opal necklace
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful Show

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Peter Smith National Jeweler columnist
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-Reflection

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Plah Black Swan Earrings
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From Vicenzaoro

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

People shopping in a mall
SurveysOct 01, 2025
Consumer Confidence Hits 5-Month Low in September

Respondents were concerned about job availability and rising prices.

Gemfields rough emeralds
SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

Pandora executives Alexander Lacik and Berta de Pablos-Barbier
MajorsSep 30, 2025
Pandora CEO to Retire in 2026, Hand Reins to CMO

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

Gavel near stacks of books
CrimeSep 30, 2025
2 Suspects Charged in $300K Sleight-of-Hand Jewelry Store Scam

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

Billie Eilish and Finneas O’Connell John Hardy Lovestruck Collection
CollectionsSep 30, 2025
Billie Eilish, Finneas Partner with John Hardy

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

Spinelli Kilcollin Market Highland Park
IndependentsSep 30, 2025
Spinelli Kilcollin Announces Residency in Dallas

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

Nina Pugliese Henne Jewelers
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65

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

Kwait White and Yellow Gold Diamond Earrings
TrendsSep 29, 2025
Amanda’s Style File: Ear Focus

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

Mark Henry Leandra Medine Cohen
IndependentsSep 29, 2025
Mark Henry Jewelry to Debut in Canada

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

Overnight volume 7 bridal catalog
MajorsSep 29, 2025
Overnight Releases New Bridal Catalog

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

Hand holding holiday shopping bags
SurveysSep 26, 2025
Online Shopping, Influencers to Drive Holiday Spending, Mastercard Says

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

Austin Shines Jewelry Award
Events & AwardsSep 26, 2025
Winners of Austin Jewelry Design Contest Announced

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

Kwit Square Signet Pinky Ring in Red and Azure
TrendsSep 26, 2025
Piece of the Week: Kwit Jewelry’s Square Signet Pinky Ring

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

Jewelers of America Fly In
Policies & IssuesSep 25, 2025
JA CEO Provides Tariff Update Following Annual Fly-In

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

Entrance to Jwaneng diamond mine in Botswana
SourcingSep 25, 2025
2 African Countries Aim to Take Stake in De Beers

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

Kira Jewels Growing Rowing Machines
Lab-GrownSep 25, 2025
Kira Jewels Expands Lab-Grown Diamond Production

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

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy