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FinancialsDec 27, 2019
Tiffany’s 2019 Holiday Sales Rebound
Sales climbed as much as 3 percent for the jeweler, which noted a “momentum shift” in the Americas.
A jewelry-filled advent calendar was a highlight of Tiffany’s holiday catalog this year. The jeweler’s sales were on the rise this holiday season.
New York—Tiffany & Co. turned in a solid holiday season with sales on the rise, particularly in mainland China and the Americas.
Worldwide sales for the interim holiday period (November and December) climbed 1 to 3 percent. (Tiffany did not respond to a request for the exact dollar amount of its holiday sales.)
The increase in sales was a welcome change from last year’s holiday results when waning demand from Chinese tourists took a toll on the jeweler’s year-end performance.
It’s also an improvement on the retailer’s performance earlier this year.
“We are pleased to present our interim sales results for this important season, which reflect improved global trends compared to previous quarters this year,” CEO Alessandro Bogliolo said in a press release announcing the results.
“We are happy to see sales growth in the Americas, a momentum shift in the region,” he added.
Net sales and comparable sales in the Americas were up 2 to 4 percent.
Tiffany has struggled in recent quarters to grow sales in the Americas, where the most Tiffany stores are located.
In mainland China, Tiffany reported “strong” double-digit sales growth, though it was offset by declines in the Hong Kong market as unrest in the country continues.
In the Asia-Pacific region, net sales were up 7 to 9 percent on a constant-exchange-rate basis while same- store sales were up 9 to 11 percent.
Net sales in Japan fell 12 to 14 percent, which Tiffany attributed to the negative impact of the recent increase in the consumption tax. Same-store sales in the country were down 14 to 16 percent.
In Europe, net sales climbed 3 to 5 percent while same-store sales were up 4 to 6 percent.
The luxury jeweler has been expanding and enhancing its store network, recently completing the expansion of its flagship store in Shanghai, which is now the largest Tiffany store in Asia.
Situated in a street-facing location within the Hong Kong Plaza mall, it also houses the newly opened Tiffany Blue Box Café, the first in mainland China.
Its London flagship store on Old Bond Street also has been renovated.
Tiffany recently opened its third location in Kyoto, Japan, and its fifth store in New York City at Hudson Yards.
The jeweler’s flagship store on Fifth Avenue in New York City was open throughout the holiday period, but will close in mid-January to undergo a renovation. The store will move to a space on E. 57th Street while the renovation is underway.
Bogliolo
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said customers have been “enthusiastic” about the new space, which housed a men’s pop-up store and the special catalog gift items during the holiday season.
“Now we are eager for our customers to experience our full product range, including high jewelry, in the new space, while we start working to transform our iconic building into its future form,” he said.
As of Dec. 24, Tiffany had 327 stores, including 125 in the Americas, compared with 321 stores a year ago.
“Now we are eager for our customers to experience our full product range, including high jewelry, in the new space, while we start working to transform our iconic building into its future form,” he said.
As of Dec. 24, Tiffany had 327 stores, including 125 in the Americas, compared with 321 stores a year ago.
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