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.
FinancialsMar 03, 2016
Tiffany sees third quarter comps fall
Despite sales growth in Canada and Latin America, weak tourist spending in the United States resulted in a poor third quarter in the Americas for Tiffany & Co.
While Tiffany’s overall sales were slow in the third quarter, the retailer reported strong sales of gold fashion jewelry worldwide with its T collection (pictured here) particularly popular.
New York--Despite sales growth in Canada and Latin America, weak tourist spending in the United States resulted in a poor third quarter in the Americas for Tiffany & Co., the retailer reported Tuesday.
The New York-based retailer’s same-store sales in the Americas were down 6 percent during the period ended Oct. 31, while total sales on a constant-exchange-rate basis fell 5 percent.
Despite strong sales of statement jewelry, there were “varying degrees of softness across most other jewelry categories” compared with last year’s strong third quarter, executives said in Tuesday’s earnings conference call.
Year-to-date comps and total sales also were down in the region, declining 2 percent and 1 percent, respectively.
The retailer said the declines were due in large part to lower foreign tourist spending in the U.S., attributed to the strong dollar, while sales to U.S. customers were relatively flat to last year due to a difficult year-over-year comparison as well as continued softness in consumer spending.
Tiffany executives also noted during the call that the retailer is in the process of some major U.S. store renovations. It just completed an upgrade of its store on Michigan Avenue in Chicago and now is focusing on its stores in San Francisco’s Union Square and on Rodeo Drive in Beverly Hills.
Globally, total same-store sales inched up 1 percent while total sales on a constant-exchange-rate basis rose 4 percent to $938 million in the third quarter. Sales growth in Japan, Europe and Asia-Pacific was partly offset by the lower sales in the Americas.
Worldwide, Tiffany said it recorded considerable growth in sales of high-end statement jewelry through its VIP customer events. Engagement jewelry performed well in Japan and Europe but was soft globally.
Gold fashion jewelry sales also were strong, reflecting the success of the Tiffany T collection.
The company noted that it is focused on expanding and refreshing existing collections, including reintroducing designs in its “Return to Tiffany”collection to improve its silver sales at price points below $500.
Meanwhile, Tiffany’s Infinity collection has been expanded in silver and gold, and the retailer also expanded the Victoria collection with new designs in platinum and diamonds as well as the Tiffany Bow collection with designs in gold and diamonds.
Executives also said that they have been happy with sales of the new CT60 and East West watch collections launched earlier this year.
In the nine-month period ended
Oct. 31, Tiffany’s global same-store sales were up 2 percent and total sales rose 4 percent. The company said that it raised prices during the quarter, which moved it closer to restoring its global pricing structure to normal levels given the dollar’s continued strength.
Tiffany opened two company-operated stores in the third quarter--in Santiago, Chile, and Macau--while closing one in Korea. Year-to-date, it has opened 10 net new stores.
As of Oct. 31, Tiffany operated 305 stores: 125 in the Americas, 79 in Asia-Pacific, 56 in Japan, 39 in Europe, and five stores in the United Arab Emirates and one in Russia. This is up from the 294 stores it operated a year ago: 122 in the Americas, 72 in Asia-Pacific, 56 in Japan, 38 in Europe, and five in the UAE and one in Russia.
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.
