Events & AwardsApr 18, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
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
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
CollectionsApr 18, 2025
Piece of the Week: Dukachi’s ‘Easter Bread’ PendantThe Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.
IndependentsApr 18, 2025
Bremer Jewelry to Reveal Renovated StoreThe jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.
MajorsApr 18, 2025
Tiffany & Co. Employees Star in Mother’s Day CampaignThe “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.
Weekly QuizApr 18, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 17, 2025
John Hardy, Athena Calderone Partner on Art Deco Decor-Inspired CollectionInterior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.
Lab-GrownApr 17, 2025
NDC Launches Its Diamond Learning CenterThe free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Policies & IssuesApr 17, 2025
Jewelers of America Requests Tariffs Testimonials from MembersThe feedback will be used to prepare other jewelers for the challenges ahead, the organization said.
TechnologyApr 17, 2025
Technology Therapy Group Expands AI Training for Jewelry RetailersThe online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.
IndependentsApr 16, 2025
Catbird Expands to ChicagoThe opening marks the jewelry retailer’s first location in the Midwest.
CollectionsApr 16, 2025
Foundrae’s First Commitment Jewelry Collection Unites Through LoveThe “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.
IndependentsApr 16, 2025
Indiana Jeweler to Host Black Jewelry Designer Pop-UpRobert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.
MajorsApr 16, 2025
WJA Announces Board Members, New Chicago Chapter PresidentThe announcements follow a tumultuous start to 2025 for WJA, which saw a wave of resignations following controversial statements about DEI.
EditorsApr 15, 2025
Tariffs: What We Know Right Now Editor-in-Chief Michelle Graff answers questions about how the new taxes levied on countries like India and China will impact the industry.
EditorsApr 15, 2025
Q&A: Bogolo Joy Kenewendo on Making Deals, Marketing DiamondsKenewendo, Botswana’s minster of minerals and energy, discusses closing the deal with De Beers and the work that was missed along the way.
AuctionsApr 15, 2025
23-Carat ‘Golconda Blue’ Heads to AuctionThe historic fancy vivid blue diamond set to headline Christie’s Geneva sale next month could sell for up to $50 million.
CrimeApr 15, 2025
Jon Hamm Plays a Jewel Thief on Apple TV+The “Mad Men” and “The Morning Show” star steals jewelry, art, and handbags from his wealthy neighbors in “Your Friends & Neighbors.”
SourcingApr 15, 2025
Diamond Club West Coast Names 2025 BoardThe organization has reelected Kalpesh Jhaveri as president.
FinancialsApr 14, 2025
Movado to Restate Years of Financials Due to ‘Misconduct’ in Dubai An investigation found that the former managing director of Movado’s Dubai branch overstated and prematurely recorded sales.
CollectionsApr 14, 2025
Sauer Embraces Emptiness Through ‘Ma’ CollectionThe collection pays tribute to the Japanese philosophy of Ma, studying balance, stillness, and the interplay between presence and absence.
IndependentsApr 14, 2025
Illinois Jeweler Closing After 45 YearsMari Lou’s Fine Jewelry in Orland Park, a suburb of Chicago, is closing its doors.
GradingApr 14, 2025
GIA Expands Overseas Services as Tariffs Kick InGIA’s labs in Dubai and Hong Kong are now accepting larger diamonds in light of the “logistical challenges” presented by the new tariffs.
AuctionsApr 11, 2025
Piece of the Week: A Replica of Princess Grace’s Wedding EarringsThese earrings by Van Cleef & Arpels, featuring the same design as a pair worn by Princess Grace, are up for auction at Woolley & Wallis.
Recorded WebinarsApr 11, 2025
Watch: Top Tips for Saving Time With AITwo experts share how artificial intelligence tools can help retailers run a more efficient business.
SourcingApr 11, 2025
Mikimoto Names New President, CEO for U.S. DivisionKentaro Nishimura, who has been with the pearl company since 1997, has been promoted to president and CEO of Mikimoto America.
WatchesApr 11, 2025
Bulova Documentary Now on Amazon Prime“America Telling Time: 150 Years of Bulova” explores the storied history of the American watchmaker.
