MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
FinancialsJun 09, 2020
Tiffany’s U.S. Sales Fall 45% in Q1
The jeweler saw a steep decline in worldwide sales as the COVID-19 pandemic kept its stores shuttered.
The redesigned Tiffany & Co. flagship store at Shanghai Hong Kong Plaza. The jeweler’s sales took a double-digit hit in the Asia-Pacific region, and in all regions, amid pandemic-related store closures. (Image courtesy of Tiffany & Co.)
New York—Tiffany & Co. posted a double-digit drop in worldwide sales as the luxury jeweler grapples with the closure of its stores amid the coronavirus pandemic.
Its fiscal year began Feb.1 and ended April 30, so the COVID-19 pandemic had an effect on the entire first quarter.
Worldwide net sales in the first quarter sank 45 percent to $556 million, compared with $1 billion a year ago. Same-store sales also plummeted 44 percent.
As of April 30, 70 percent of Tiffany’s stores worldwide remain closed, though reopenings are happening slowly.
CEO Alessandro Bogliolo described the first quarter as “very challenging,” in a press release, and said he expects the impact of COVID-19 to negatively affect the company’s full-year sales and earnings relative to 2019.
Though Tiffany did not provide guidance for the year ahead, Bogliolo said: “I am confident Tiffany’s best days remain in front of us because there is evidence that the strategic decisions we took to focus on our mainland China domestic business, global e-commerce, and new product innovation are paying off - even against the backdrop of a global pandemic.”
RELATED CONTENT: What Tiffany’s Acquisition Means for the Jewelry Industry
Tiffany’s online sales performed well, he said, noting sales were up 23 percent worldwide with the U.S. seeing a 14 percent increase. In May, online sales more than doubled those of last May with increases seen in every region.
Online sales now account for 15 percent of total sales, more than double the 6 percent posted in the last three fiscal years.
In the Americas, where the most Tiffany stores are located, net sales in the first quarter fell 45 percent to $225 million with same-store sales down 45 percent as nearly all stores in the region closed in mid-March and remained closed through the end of the quarter.
In the Asia-Pacific region, first-quarter net sales were down 46 percent to $174 million with same-store sales falling 45 percent, also due to store closures.
Stores in mainland China began to reopen in February with 85 percent of Tiffany’s locations partially or fully open by April 30.
Bogliolo said the jeweler’s performance in mainland China is a sign “that a robust recovery is underway.”
He noted that while retail sales in mainland China were down 85 percent in February and down 15 percent in March, they were up 30 percent by April, each as compared year-over-year.
By May, retail sales were up approximately 90 percent in spite of global sales being down 40 percent that month, compared with last May.
European sales fell 40 percent to $61 million in the first quarter with same-store sales down 42 percent.
Store closures were behind the decline in Europe as well, though stores began to slowly reopen around April with 15 percent of its locations partially or fully open by April 30.
In Japan, sales declined 40 percent in the quarter to $86 million with same-store sales down 41 percent, due to store closures combined with a drop in tourist traffic.
As of April 30, approximately 5 percent of its stores in the region were fully or partially open.
Sales from the “other” segment, which includes five Tiffany stores in the United Arab Emirates, sank 65 percent to $9 million due to the impact of the coronavirus and lower wholesale sales of diamonds.
By category, sales from Tiffany’s jewelry collections, which includes lines like “Paper Flowers,” fell 44 percent while engagement jewelry sales were down 49 percent.
The new Tiffany T1 collection is “off to a tremendous start,” said Bogliolo, noting its sales through May were in line with the company’s initial projections in spite of the store closures.
The company expects year one sales of the collection to eclipse year one sales of both the Tiffany HardWear and Paper Flowers collections combined.
It may even surpass sales of Tiffany T-color, said Bogliolo, which was launched last October and is often out-of-stock due to “overwhelming demand.”
Sales of jewelry from designers Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger fell 39 percent in the first quarter.
As of April 30, there were 324 Tiffany stores in operation worldwide, including 123 in the Americas, one fewer than in the fourth quarter. Two stores closed and two relocated.
Tiffany did not hold an earnings call or provide fiscal guidance due to its pending acquisition by LVMH.
The deal was said to be on thin ice due to the deteriorating situation in the U.S. market, but Bogliolo stated that Tiffany will continue on its “journey with LVMH by our side.”
The merger also received regulatory approval from Russia and Mexico as it looks to clear antitrust/competition barriers.
Tiffany has also amended its debt agreements to give itself “ample headroom” to remain in compliance with its financial agreements, said CFO Mark Erceg in a press release, though he noted the company is in compliance with all debt covenants as of April 30.
The company plans to “significantly” reduce costs and lower its capital expenditures by postponing select projects for the year, though it did not get into specifics, as a way to protect its earnings and preserve cash.
More on Financials
The Latest
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
