A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Tiffany sees third quarter comps fall
Despite sales growth in Canada and Latin America, weak tourist spending in the United States resulted in a poor third quarter in the Americas for Tiffany & Co.
New York--Despite sales growth in Canada and Latin America, weak tourist spending in the United States resulted in a poor third quarter in the Americas for Tiffany & Co., the retailer reported Tuesday.
The New York-based retailer’s same-store sales in the Americas were down 6 percent during the period ended Oct. 31, while total sales on a constant-exchange-rate basis fell 5 percent.
Despite strong sales of statement jewelry, there were “varying degrees of softness across most other jewelry categories” compared with last year’s strong third quarter, executives said in Tuesday’s earnings conference call.
Year-to-date comps and total sales also were down in the region, declining 2 percent and 1 percent, respectively.
The retailer said the declines were due in large part to lower foreign tourist spending in the U.S., attributed to the strong dollar, while sales to U.S. customers were relatively flat to last year due to a difficult year-over-year comparison as well as continued softness in consumer spending.
Tiffany executives also noted during the call that the retailer is in the process of some major U.S. store renovations. It just completed an upgrade of its store on Michigan Avenue in Chicago and now is focusing on its stores in San Francisco’s Union Square and on Rodeo Drive in Beverly Hills.
Globally, total same-store sales inched up 1 percent while total sales on a constant-exchange-rate basis rose 4 percent to $938 million in the third quarter. Sales growth in Japan, Europe and Asia-Pacific was partly offset by the lower sales in the Americas.
Worldwide, Tiffany said it recorded considerable growth in sales of high-end statement jewelry through its VIP customer events. Engagement jewelry performed well in Japan and Europe but was soft globally.
Gold fashion jewelry sales also were strong, reflecting the success of the Tiffany T collection.
The company noted that it is focused on expanding and refreshing existing collections, including reintroducing designs in its “Return to Tiffany”collection to improve its silver sales at price points below $500.
Meanwhile, Tiffany’s Infinity collection has been expanded in silver and gold, and the retailer also expanded the Victoria collection with new designs in platinum and diamonds as well as the Tiffany Bow collection with designs in gold and diamonds.
Executives also said that they have been happy with sales of the new CT60 and East West watch collections launched earlier this year.
In the nine-month period ended
Tiffany opened two company-operated stores in the third quarter--in Santiago, Chile, and Macau--while closing one in Korea. Year-to-date, it has opened 10 net new stores.
As of Oct. 31, Tiffany operated 305 stores: 125 in the Americas, 79 in Asia-Pacific, 56 in Japan, 39 in Europe, and five stores in the United Arab Emirates and one in Russia. This is up from the 294 stores it operated a year ago: 122 in the Americas, 72 in Asia-Pacific, 56 in Japan, 38 in Europe, and five in the UAE and one in Russia.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.