Financials

Tiffany’s Q3 Buoyed by Online, Asia-Pacific Sales

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.

20201124_Tiffany_Five_Golden_Rings.jpg
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.

Lenore Fedowis the senior editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

Coleman Clark and Mitchell Clark
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell Clark

Fourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.

Manual Marcial de Gomar
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90

The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.

Chicago Responsible Jewelry Conference 2026 Graphic
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 Program

This year’s sessions feature leading voices from human rights, legal, and conservation organizations.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

Experience gemstones with greater precision and comfort than ever before.

Lugano Diamonds Greenwich Connecticut store
MajorsOct 13, 2026
David Webb Owner Purchases Lugano Jewelry

The high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.

Weekly QuizOct 08, 2026
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Stephanie Gottlieb Wholesale Lab-Grown Collection
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection Wholesale

The jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.

Sean Dunn
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean Dunn

Dunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.

Cover.jpg
Brought to you by
Your Piece Could Be the One Editors Talk About

Submit your pieces for a chance to win in this year's competition.

Bulgari pink diamond
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' Diamond

The 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.

Greenwich St. Jewelers Island Jewel candle
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like Home

The “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.

TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner

The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.

Stock image of a person holding holidays bags
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday Season

Stores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.

Elisa Solomon x Serendipity 3 Frozen Hot Chocolate Charm
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ Charm

The charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.

8 carat fancy blue diamond
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction

The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.

Ebel sport classic watch
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5M

The watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.

Stock image of paper money and coins
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins

This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.

Brent Neale Back to Basics Collection Pink Garnet Capsule
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’

It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.

Ethical Gem Fair Brooklyn
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to Brooklyn

The trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.

Ara Chanakian Overall Design Winner
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design Contest

Ara Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.

Reba McEntire belt buckle
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s Auctions

The live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.

overnght sb 1026.png
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling Experience

Sponsored by Overnight Mountings

The entrance to The Plumb Club pavilion at JCK Las Vegas
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures Mount

The supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.

Woman wearing Blue Nile Royal Asscher jewelry
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond Beauty

Blue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.

Audemars Piguet Risoud Eclipse Necklace
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection

“Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.

Juan Morales and Joseph Nicosia
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEO

As part of the transition, Joseph Nicosia has stepped into the role of COO.

American Gem Trade Association logo
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards Entries

Participants now have until Oct. 14 to complete their submissions.

Stock image a police car
CrimeOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-Grabs

The alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.

×

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