SourcingFeb 24, 2025
Colored Stone Market Update: Tracking Industry Trends in TucsonDeclining supply and growing demand persist in the colored gemstone market, presenters from Gemworld said at AGTA GemFair Tucson.
FinancialsNov 24, 2020
Tiffany’s Q3 Buoyed by Online, Asia-Pacific Sales
The jeweler’s retail sales in mainland China were up more than 70 percent in the third quarter.
The “Five Golden Schlumberger Rings” ($210,000) featured in Tiffany & Co.’s 2019 high-end holiday gift guide. Worldwide net sales in the third quarter were down just 1 percent.
New York—Tiffany & Co.’s worldwide sales showed signs of hope in the third quarter, bolstered by a strong performance in the Asia-Pacific region and soaring online sales.
Worldwide net sales in the third quarter slipped 1 percent year-over-year to $1 billion, compared with around $1 billion a year ago. Same-store sales were up 3 percent.
Quarterly net earnings climbed 52 percent year-over-year to $119 million.
In the first nine months, worldwide net sales fell 25 percent to $2.3 billion, compared with $3.1 billion a year ago, while comparable sales sank 22 percent.
Year-to-date net earnings were $86 million, down 75 percent compared with last year.
Tiffany’s e-commerce business thrived, up 92 percent worldwide in the third quarter.
Online sales now account for 12 percent of total sales year-to-date, double the 6 percent reported in the last three fiscal years.
“We had a strong third quarter both in sales on a relative basis and terrific results in profitability on an absolute basis, which speaks volumes about the enduring strength of the Tiffany brand and gives us confidence as we enter the important holiday season,” said CEO Alessandro Bogliolo in a press release about the results.
In the Americas, where the most Tiffany stores are located, net sales in the third quarter fell 16 percent to $354 million with same-store sales down 15 percent. Year-to-date sales were down 36 percent to $826 million with same-store sales down 35 percent.
The decline in sales was attributed to the decline in foreign tourism coupled with the effects of COVID-19 and the store closures, which affected Tiffany from March to June.
The Asia-Pacific region was a stand-out on its balance sheet with third-quarter net sales climbing 30 percent to $382 million and same-store sales up 40 percent. Year-to-date sales were down 7 percent to $854 million with same-store sales up 3 percent.
In mainland China, retail sales were up more than 70 percent with comparable sales doubling compared to the prior year.
Retail sales in mainland China and Korea remained strong, offsetting the weaknesses in other regions due to COVID-19, store closures, and a decline in wholesale travel retail sales. Online sales in the region also performed well.
In Europe, sales fell 6 percent to $104 million in the third quarter with same-store sales down 6 percent, also attributed to COVID-19 disruptions. Year-to-date sales were down 24 percent to $249 million
Editors' Picks
Sponsored by
with same-store sales down 25 percent.
In Japan, sales declined 8 percent in the quarter to $156 million with same-store sales down 4 percent, due to a decline in tourist traffic. Year-to-date sales were down 25 percent to $353 million with same-store sales down 23 percent.
Sales from the “other” segment, which includes five Tiffany stores in the United Arab Emirates, sank 30 percent to $12 million due in part to lower wholesale sales of diamonds. Year-to-date sales were down 59 percent to $28 million.
By category, sales from Tiffany’s jewelry collections, which includes lines like “Paper Flowers,” were up 7 percent in the quarter and down 21 percent year-to-date.
Engagement jewelry sales were down 6 percent in the quarter and down 21 percent year-to-date.
Sales of jewelry from designers Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger fell 6 percent in the third quarter and 23 percent year-to-date.
Bogliolo highlighted the “noteworthy” performance of T1, its new gold and diamond collection, adding it’s been received well in all markets and channels.
As of Oct. 31, there were 320 Tiffany stores in operation worldwide, including 122 in the Americas, two fewer than a year ago. Tiffany opened 2 stores and closed 8 others so far this year.
Looking to the fourth quarter, the company expects to see “significant” expenses related to its acquisition by LVMH. Total net sales are expected to decline a mid-single-digit percentage.
Tiffany did not hold an earnings call due to its pending acquisition.
More on Financials
The Latest
TrendsFeb 24, 2025
Renna’s Lobster Clasp Looks Like a Claw, Now It's Patented by LawThe designer’s new patent transforms the everyday clasp into her jumbo “Lobster Clasp,” modeled after the look of a crustacean’s claw.
Events & AwardsFeb 24, 2025
Bogolo Joy Kenewendo to Speak at Annual JVC LuncheonKenewendo, Botswana’s minister of minerals and energy, will discuss the future of diamonds.
Brought to you by
A Diamond ETF is the Way to Reinvigorate Natural Diamond SalesThe jewelry industry faces challenges from lab-grown diamonds. A diamond ETF can restore natural diamonds' value and drive investor demand.
SourcingFeb 24, 2025
Diavik’s Production Down 17% in 2024 Sales at the Rio Tinto-owned mine also slid by a double-digit percentage, falling 37 percent in a difficult market for diamonds.
Weekly QuizFeb 21, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
SourcingFeb 21, 2025
Zambia Lifts 15% Export Duty on Gemstones, Metals The reversal comes less than two months after the Zambian government reinstated the tax in an effort to bring in more money.
Brought to you by
Get Ready for the JA New York Spring ShowThis year will feature a new MJSA Showcase and partnership with Piazza Italia.
MajorsFeb 21, 2025
24 Karat Club of New York Names New PresidentThe organization also announced its newly elected officers and directors.
SourcingFeb 20, 2025
Anglo Writes Down Value of De Beers by $2.9B As anticipated, Anglo took another impairment charge on the diamond miner and marketer, which saw revenue sink 23 percent in 2024.
SourcingFeb 20, 2025
Harry Winston’s Son Donates Fancy Red Diamond to the SmithsonianRonald Winston is giving the 2.33-carat “Winston Red” to the Smithsonian, 67 years after his father donated the Hope Diamond.
SourcingFeb 20, 2025
GJEPC Names New Chairman, Vice ChairmanKirit Bhansali, a partner in Smital Gems and chairman of India Jewellery Park, will take on the role of chairman.
IndependentsFeb 20, 2025
IJO Elects 4 New Board MembersAlisha Cornett, Nic Faini, Eric Stevens, and Seth Shipley have joined the organization’s board of directors for a three-year term.
CrimeFeb 19, 2025
Brink’s to Pay $42M After Admitting to Illegally Transporting MoneyThe company has to pay the Justice Department and FinCEN for violating the Bank Secrecy Act, the U.S.’s main anti-money laundering law.
SourcingFeb 19, 2025
Diamond Mining Company CEO Steps Down Amid Sales Slump, LayoffsPetra Diamonds Ltd. CEO Richard Duffy resigned as the diamond miner reported a 30 percent drop in sales to start its fiscal year.
ColumnistsFeb 19, 2025
The Smart Lab: Maximizing Your Jewelry Brand on PinterestPinterest is a potential gold mine for jewelry brands, Emmanuel Raheb writes, provided they follow these five tips.
MajorsFeb 19, 2025
Cartier Opens New Store Inside LAXThe boutique is the French luxury brand’s first airport store on the West Coast.
CollectionsFeb 19, 2025
Swarovski’s NYC Flagship Celebrates Ariana Grande CollabThe store’s facade now features the iconic swan logo and campaign images of the “Wicked” star.
Policies & IssuesFeb 18, 2025
New Customs Requirements for Diamond Imports: What We KnowBeginning in April, companies importing diamonds into the United States will have to list the country in which the diamonds were mined.
AuctionsFeb 18, 2025
A Menagerie of Fabergé Coming to Sotheby’sAround 30 whimsical Fabergé animal carvings will go up for auction at Sotheby’s Geneva in May.
SourcingFeb 18, 2025
Celine Assimon Stepping Down as CEO of De Beers JewellersAssimon will be leaving at the end of February after nearly five years with De Beers.
CollectionsFeb 18, 2025
Tabayer Debuts Its First Men’s Jewelry SelectionsDesigns from the brand’s “Oera” collection have been reimagined with modern masculinity in mind.
SourcingFeb 14, 2025
Navneet Gems Now Offering Unheated Montana SapphiresThe wholesale collection features material from the Rock Creek mine in a variety of colors.
CollectionsFeb 14, 2025
Carolyn Rafaelian Partners with ‘Long Island Medium’ StarThe “Divinely Guided” collection, created in collaboration with Theresa Caputo, features symbols that celebrate the power of connection.
CollectionsFeb 14, 2025
Piece of the Week: Lorraine West’s Diamond ‘Open Heart’ RingShow some love on Valentine’s Day with this 14-karat yellow gold ring that features pavé diamonds.
CrimeFeb 13, 2025
Macy’s Employee Foils $1.5M Jewelry Theft The employee confronted the thief, causing the suspect to flee and leave behind the suitcases full of jewelry.
SourcingFeb 13, 2025
Namibian Diamond Co. Suspends CEO, COO After Deadly Heist Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.
