GradingOct 21, 2025
GIA Examines Rare Bicolor Pink DiamondThe stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.
FinancialsMay 25, 2016
Tiffany’s Q1 Comps Drop 9% in a Difficult Quarter
Same-store sales fell in the United States too, with the jeweler stung by a slowdown in both tourist and domestic spending.
Tiffany’s global sales dipped 7 percent in the first quarter, with softness recorded across all product categories. The retailer, which returned to selling watches last year with the launch of the CT 60 collection, is looking to expand its watch business in the face of slipping jewelry sales.
New York--Tiffany & Co. had the difficult first quarter it expected, with sales dropping in almost every region and across all product categories.
In the Americas, same-store sales slid 10 percent (9 percent on a constant-exchange-rate basis) in the first quarter ended April 30, and total sales were down 9 percent (8 percent on a constant-exchange-rate basis) to $403 million.
Sales were down across the United States among both domestic customers and foreign tourists of all nationalities, Tiffany Vice President of Investor Relations Mark Aaron said on the company’s earnings call Wednesday morning.
Worldwide, Tiffany saw its net sales fall 7 percent from $962.4 million to $891.3 million. Same-store sales were down 9 percent. The jeweler saw sales slide in every region except Japan, where local customers drove an 8 percent gain in total sales and comps rose 12 percent.
While gross margin improved, it was not enough to offset the slow sales, and net earnings tumbled from $104.9 million to $87.5 million.
“Overall, these first quarter results generally represented a continuation of the softness in sales trends that we experienced in the latter part of 2015 and were largely what we expected,” Aaron said.
The company’s global same-store sales fell 5 percent in the fourth quarter, while third quarter comps were up only 1 percent.
In the first quarter 2016, sales were down across all product categories, though Aaron noted that bridal and fashion jewelry fared better than the jeweler’s higher-end collections.
Online sales, which accounted for 6 percent of Tiffany’s global sales in 2015, were up slightly. Aaron said the retailer is continuing its “duel focus” on online and brick-and-mortar business in order to build product and brand recognition and improve the customer experience. He also mentioned the launch of Tiffany’s already announced partnership with e-commerce site Net-a-Porter.
Tiffany also is working to a build up its watch business, an area in which the jeweler is particularly ambitious after returning to timepiece selling with the launch of the CT 60 collection last year.
Nicola Andreatta, head of the company’s timepiece unit, told Bloomberg in an interview published this week that Tiffany aims to become one of the top 10 watch brands in the world in the next 10 years.
Tiffany did not open any new stores in the Americas in the first quarter and does not plan to open any for the rest of
the fiscal year, though it is renovating stores in San Francisco, Beverly Hills and Vancouver, British Columbia.
Worldwide, the retailer plans to close 10 stores, open 11 and relocate six by fiscal year’s end.
As of April 30, Tiffany operated 308 stores worldwide, including 124 in the Americas, up from 298 a year ago, 123 of which were in the Americas.
Given its first quarter results, Tiffany downgraded its expectations for the year. It now expects a low-single-digit year-over-year decline in sales.
Worldwide, the retailer plans to close 10 stores, open 11 and relocate six by fiscal year’s end.
As of April 30, Tiffany operated 308 stores worldwide, including 124 in the Americas, up from 298 a year ago, 123 of which were in the Americas.
Given its first quarter results, Tiffany downgraded its expectations for the year. It now expects a low-single-digit year-over-year decline in sales.
More on Financials
The Latest
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive FlagshipHollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.
Lab-GrownOct 21, 2025
Grown Brilliance Opens First FlagshipThe New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MADThe Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.
Weekly QuizOct 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink DiamondMaking its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby MineThey were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.
SourcingOct 20, 2025
Pristine Gems Names New Director of European SalesGemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYCThe new showcase dedicated to Italian jewelry design is set for Oct. 29-30.
TrendsOct 17, 2025
Piece of the Week: Judi Powers Jewelry’s ‘Stella’ EarringsTake a gaze at the sky with this pair of platinum diamond-set star earrings with blue lace agate drops.
IndependentsOct 16, 2025
Retailer Hall of Fame 2025: Jeffrey Zimmer Jeffrey Zimmer's decades of leadership at Reeds Jewelers are defined by integrity, a love of sourcing gemstones, and a heart for community.
AuctionsOct 16, 2025
Sotheby’s Introduces Custom Jewelry ServiceThe new high jewelry design and production process takes 30 days or less from concept to completion, the auction house said.
MajorsOct 16, 2025
Oscar Heyman’s Holiday Catalog Is Out, and It’s SpectacularThe holiday catalog for 2025 features never-before-seen images of more than 100 one-of-a-kind masterpieces.
CollectionsOct 16, 2025
Foundrae Adds To ‘United in Love’ CollectionThe brand has released a second installment of its collection of traditional and non-traditional commitment heirlooms.
IndependentsOct 15, 2025
Retailer Hall of Fame 2025: Kathy CoreyCorey rescued New England chain Day’s Jewelers, preserving its legacy with strong people skills, pragmatism, and a “get-it-done” attitude.
CrimeOct 15, 2025
Men Receive Lengthy Prison Sentences for 2023 Murder of Colorado JewelerCharles Robinson Shay was sentenced to life in prison plus 120 years while his accomplice, Michael James McCormack, got 75 years.
Events & AwardsOct 15, 2025
JCK, Luxury to Debut New Watch Section in Vegas Next YearTimepieces at Luxury will take place at The Venetian and, like Luxury, will be invitation-only for the first two days.
AuctionsOct 15, 2025
Christie's Announces New Jewelry Department LeadershipThe auction house named a new global head of jewelry, as well as a new head of the jewelry department for the Americas.
IndependentsOct 14, 2025
Retailer Hall of Fame 2025: Tom DixonAs chairman of Schwanke-Kasten Jewelers, Tom Dixon has been tasked with honoring the past and shaping the future of the family-run store.
Events & AwardsOct 14, 2025
Here Are the Winners of the BIJC, JA ‘Emerging Jewelers’ Grant Katty Villapando Lyte and Mica Rencher received a $10,000 grant for their business, Shimmer Culture LLC.
IndependentsOct 14, 2025
Day’s Jewelers Crafts Custom Jewelry for No.1 NBA Draft Pick Cooper FlaggThe parents of the Dallas Mavericks rookie bought their engagement ring at a Day’s store in Bangor, Maine, in 1997.
SourcingOct 14, 2025
Pragnell Debuts Kitulo Garnet Jewelry The UK-based brand sourced the gemstones, which are fully traceable, from an artisanal mining community in Tanzania.
CollectionsOct 10, 2025
Count Down to the Holidays With Astrid & Miyu’s Advent CalendarsThe trio of Advent calendars include a version with 18-karat gold and lab-grown diamond jewelry in a red lacquer jewelry box.
CollectionsOct 10, 2025
Piece of the Week: Marla Aaron’s ‘Nymphenburg Lock’Created in collaboration with Nymphenburg Porcelain, the lock is part of a four-piece collection that took two years to bring to fruition.
