Financials

‘Softness’ in U.S. Brings Tiffany Q4 Comps Down in Americas

FinancialsMar 18, 2016

‘Softness’ in U.S. Brings Tiffany Q4 Comps Down in Americas

Due to lower foreign spending and softness in sales to U.S. consumers, same-store sales and total sales decreased in the company’s Americas regions in both the fiscal fourth quarter and the full-year period.

20160318_Tiffanys.jpg

New York--Tiffany & Co. reported Friday that comps in the Americas in the fiscal fourth quarter ended Jan. 31 were down 8 percent, with total sales in the region also declining by 6 percent in the period.

The company attributed this to lower foreign spending in the U.S. because of the strength of the U.S. dollar, as well as a softness in sales to U.S. customers.

In the full-year period, comparable store sales and total sales in the Americas were down 4 percent and 2 percent, respectively.

Aside from the softness in the U.S., other parts of the Americas region showed some strength, with total sales on a constant-exchange-rate basis rose in Canada and Latin America.

On a global basis, comps were down 5 percent in the fourth quarter and flat for the 12-month period. Worldwide net sales, meanwhile, rose 2 percent due to higher sales in Asia-Pacific, Japan and Europe.

In the Asia-Pacific region, comps in the fourth quarter were down 8 percent while total sales declined 3 percent. Meanwhile, in the full year, same-store sales were about flat while total sales on a constant-exchange-rate basis rose 3 percent.

Japan reported a positive performance, with fourth quarter total sales rising 12 percent and comparable store sales rising 10 percent. For the full year, on a constant-exchange-rate basis total sales and comparable store sales rose 10 percent and 5 percent, respectively.

The majority of the sales growth in both of these periods for Japan reflected higher sales to foreign tourists, Tiffany said.

In Europe, total sales in the fourth quarter increased 2 percent and comps declined 3 percent, due to varying performance across the region, including sales growth in the U.K. and a decline in France.

On a constant-exchange-rate basis, total sales and comparable store sales in the region for the full year rose 12 percent and 9 percent, respectively, due to broad-based sales growth reflecting higher spending by local customers and foreign tourists.

Tiffany’s opened 16 company-operated stores in the full year and closed four locations. As of Jan. 31, they 307 total stores: 124 in the Americas, 81 in Asia-Pacific, 56 in Japan, 41 in Europe and five in the UAE. This is compared with 295 stores a year ago: 122 in the Americas, 73 in Asia-Pacific, 56 in Japan, 39 in Europe and five in the UAE.

“We are assuming that sales and

earnings growth in 2016 will continue to be pressured by various factors including a further strengthening of the dollar, along with volatile and uncertain economic and equity market conditions that will likely affect consumer spending,” CEO Frederic Cumenal said, adding that the company will continue to focus on growing sales on a constant-exchange-rate basis across all regions, jewelry categories and price points.
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

XO Tacori diamond ring
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry Collection

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Weekly QuizJun 20, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Pritesh Patel
GradingJun 23, 2025
GIA Names New President and CEO

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

Graphic for Las Vegas recap episode of “My Next Question”
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Luanda Accord
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural Diamonds

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

Penny Preville, Maggie Hess, Stella Song, and Benjamin King
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry Designers

The winning designs captured the “Radiance” theme.

24th Gem Awards Show Logo
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Single Stone Bryn Ring and Grace Lee Marquise Demi Demi Ring
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement Ring

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

Yvonne Léon Python Gold Bracelet
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ Bracelet

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

Stock image of handcuffs
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry Heist

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

Marie-Thérèse Pink diamond and Blue Belle sapphire necklace
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’s

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week. 

Caryl Capeci Starboard Cruises
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry Shopping

The Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.

Gresham grasshopper ring
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56K

The historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.

Kirk Kara fine jewelry
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New Jewels

To mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.

Gemfields 36 Carat Ruby
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough Ruby

The gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.

Alex Brown
TechnologyJun 18, 2025
Alex Brown Named President of Smithee Group

Founder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.

Jade Ruzzo Gloria Collar
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

Jewelry industry author, speaker, and sales expert Peter Smith
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.

Selection of jewelry from Sotheby’s New York High Jewelry sale
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry Sale

The top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.

Amanda Gizzi, Jewelers of America’s SVP of corporate affairs
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JA

Gizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.

Kering CEO Luca de Meo
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEO

Luca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.

Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las Vegas

Following visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.

Greenwich Street Jewelers Your Love Has the Perfect Ring Campaign
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ Couples

The “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.

×

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