The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Tiffany’s Holiday Comps Down 5 Percent
“Restrained consumer spending” hit the jeweler hard this holiday season, particularly in the United States, and it is now cutting jobs.
New York--“Restrained consumer spending” hit Tiffany & Co. hard this holiday season, particularly in the United States, and it now plans to cut jobs.
Reported in U.S. dollars, total sales were 6 percent lower than the prior year, reaching $961 million.
The Americas was among the weak markets for Tiffany this holiday season.
Same-store sales (on a constant exchange rate basis) in the market were down 8 percent and total sales declined 5 percent.
While Latin America and Canada recorded increases, sales were weak across much of the U.S. and particularly in New York City, where the strong dollar discouraged tourist spending.
Tiffany CEO Frederic Cumenal said that “restrained consumer spending tied to challenging uncertain global economic conditions” was a drag on sales worldwide.
Also likely impacting the retailer was its continued aversion to discounting in a sale-crazed consumer environment.
In listing the positives for the just-past holiday season, Cumenal noted that Tiffany & Co. was able to maintain its gross margin at “normal levels.” He also cited strong initial sales of new fashion and fine jewelry designs and a “solid” increase in e-commerce sales worldwide.
The jeweler doesn’t expect conditions to improve significantly in 2016.
In its outlook for the coming year, Tiffany said that the “strong dollar and global macro challenges” will result in minimal sales growth.
The company also said that it will reduce both staff and occupancy in order to save money, but declined to provide further details on the cuts.
Tiffany is scheduled to report its fourth quarter and full-year results on March 18.
The Latest
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.