The National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
Tiffany Continues Slide as Sales Decline 6%
The New York-based jeweler had another difficult quarter, with total sales down 6 percent and comps declining 9 percent in the Americas.
New York--Tiffany & Co. had another difficult quarter, reporting drops in comps and net sales across all regions.
In the second quarter ended July 31, the jeweler’s comparable store sales were down 9 percent on a constant exchange rate basis in the Americas. For the first half, same-store sales also were down 9 percent.
Net sales in the region fell 8 percent on a constant exchange rate basis to $434 million in the three-month period and 8 percent in the half-year period to $837 million.
The company attributed the declines to a lack of domestic spending and poor tourist spending, particularly among Chinese consumers.
Globally, comps declined 9 percent in the second quarter and in the second half.
Worldwide, net sales declined by 6 percent in the second quarter to $932 million, averaging a 6 percent decrease (on a constant exchange rate basis) in worldwide net sales to $1.8 billion over the first half of the fiscal year.
This was a very slight improvement from the first quarter, when total worldwide sales were down 7 percent.
Net earnings were basically flat for the company in the second quarter, at $105.7 million, while the half-year period saw net earnings drop from $209.7 million in the prior-year period to $193.2 million this year.
On an earnings call Thursday morning, Tiffany Vice President of Investor Relations Mark Aaron said that the results “were better than the expected decline that we had communicated three months ago,” though, “worldwide sales were close to what we anticipated.”
Frederic Cumenal, chief executive officer, said in a company news release, “The global environment continues to reflect well-known challenges that we believe have had broad effects on spending by local customers, as well as foreign tourists, especially from China. We are managing expenses efficiently, but also maintaining our marketing spending as a percentage of sales and continuing to invest in key strategic initiatives and opportunities to further strengthen Tiffany's competitive position among global luxury brands. By delivering extraordinary products and experiences to our customers around the world, we remain focused on growing sales, operating margins and earnings, and creating greater value for stockholders.”
Cumenal was referencing a slew of initiatives Tiffany has launched this year, most recently a media campaign across print, digital and social media platforms, as well as the announcement of a creative partnership with Grace Coddington, a home collaboration with Reed Krakoff and sales of select items on Net-a-Porter.
The Latest

The 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.

Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.


The virtual event will take place April 7 at 3 p.m.

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.

The educational event will take place in Charlotte, North Carolina, this May.

The independent jeweler first opened its doors in 1888.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.