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Tiffany’s Holiday Sales Down 5% in the Americas
It was one of the weakest-performing regions for the jeweler in November and December.
The exterior of the Tiffany store at One Peking Road in Hong Kong. Asia-Pacific was the strongest-performing region for the jeweler this holiday season, while sales in the Americas and Europe sagged. (Photo courtesy of Tiffany & Co.)
New York—Tiffany & Co. saw global same-store holiday sales rise 4 percent, with sales in the Asia-Pacific region enough to offset weakness in both the Americas and Europe.
In November and December, same-store sales in the Americas were down 4 percent year-over-year (3 percent on a constant-exchange-rate basis) with net sales sliding 5 percent, the New York-based jeweler said in reporting preliminary, unaudited sales results Tuesday night.
In Europe, same-store sales were down 6 percent during the holiday season (9 percent on a constant-exchange-rate basis) with net sales falling 8 percent (10 percent on a constant-exchange-rate basis).
Meanwhile, in Asia-Pacific—a region where Tiffany’s soon-to-be-new-owner LVMH sees potential for the jeweler—November-December same-store sales were up 27 percent year-over-year (20 percent on a constant-exchange-rate basis) with net sales climbing 20 percent (14 percent on a constant-exchange-rate basis).
Same-store sales in Japan climbed 10 percent (5 percent on a constant-exchange-rate basis) with net sales up 8 percent year-over-year (3 percent on a constant-exchange-rate basis).
Tiffany said in a news release that its net sales for the holiday period hit a “record high” in 2020, though it did not provide any dollar figures in its preliminary results.
CEO Alessandro Bogliolo said it was Mainland China that drove the sales growth in Asia-Pacific while noting e-commerce sales were up 80 percent year-over-year.
“In the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multi-year sales strategies with respect to the Chinese Mainland, e-commerce, increasing average unit retail prices and accelerating product innovations,” he said.
As of Dec. 31, Tiffany operated 320 stores worldwide, including 122 in the Americas. That is down from 327 stores a year ago, including 125 in the Americas.
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