Sales will be paused while the relocation takes place over the next few months.
Tiffany Sees Q4 Comps Rise, Outlines Priorities
Its goals won’t sound unfamiliar: focus on omnichannel, improve the in-store experience and make sure the merchandise is right.
New York--Tiffany & Co. reported Friday that its fourth quarter comps increased as its new CEO outlined six priorities for the company going forward, including a focus on omnichannel and store renovations.
In the Americas, Tiffany’s same-store fourth quarter sales rose 5 percent (4 percent on a constant-exchange-rate basis) year-over-year while total sales in the period also rose 5 percent (flat on a constant-exchange-rate basis).
Total net sales were up 5 percent to $619 million in Q4 and rose 2 percent (1 percent on a constant-exchange-rate basis) to $1.9 billion for the full year.
The Americas started 2017 with a decline in sales, but improved as the year progressed, allowing the retailer to finish with a slight increase. Tiffany saw higher spending from local customers in the market, with sales to tourists unchanged year-over-year.
Globally, Tiffany’s fourth-quarter comps were up 3 percent (1 percent on a constant-exchange-rate basis) and net sales grew 9 percent (6 percent on a constant-exchange-rate basis) to $1.3 billion.
For the year, same-store sales were flat on both a reported and a constant-exchange-rate basis. Net global sales were up 4 percent to $4.2 billion, with sales growing in most regions.
Product-wise, Tiffany said sales of fashion and designer jewelry, its new fragrance, watches and home and accessories were strong. Engagement ring sales were weaker, ending 2017 down when compared with the previous year.
Tiffany’s fourth quarter and full year earnings call held Friday morning—a marathon call that lasted nearly two hours and included Tiffany taking calls from analysts, which the retailer has not done in the past—sounded similar to the one held Wednesday morning by Signet Jewelers.
Both retailers are under new leadership, and both outlined multi-step plans to improve sales that contained like elements: emphasizing omnichannel, improving the in-store experience, fine-tuning the product assortment and making the company more efficient overall.
The Tiffany brand is healthy, CEO Alessandro Bogliolo, who came on board in October, said Friday, but it also has “a tremendous opportunity to grow.”
Also on the call, Bogliolo shared a few details of the new jewelry line coming soon from Reed Krakoff. It will feature platinum and diamonds—the first for Tiffany in “many years,” Bogliolo said—and will be an “addictive” type of product that is “very nice surprise for the market.”
He also mentioned watches, particularly women’s watches, as a priority for the retailer going forward.
Tiffany’s store count remained relatively unchanged
As of Jan. 31, Tiffany had a total of 315 stores worldwide, including 124 in the Americas, one less than it had a year ago.
In 2018, the retailer said it plans to open nine, at least one in each region worldwide; close two; relocate 15, primarily in the Americas and Asia-Pacific markets; and renovate “many” stores.
The pop-up stores that Tiffany experimented with in the latter half of the year in the United States, Canada and Tokyo are not included in the store count.
The Latest
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.