AuctionsSep 01, 2026
UK Woman Uncovers Rare Patek Philippe Watch in Mom’s Jewelry BoxThe stainless steel Patek Philippe “Calatrava” watch from the 1930s sold for nearly $80,000 at a recent Hansons Cornwall auction.
FinancialsMay 25, 2016
Tiffany’s Q1 Comps Drop 9% in a Difficult Quarter
Same-store sales fell in the United States too, with the jeweler stung by a slowdown in both tourist and domestic spending.
Tiffany’s global sales dipped 7 percent in the first quarter, with softness recorded across all product categories. The retailer, which returned to selling watches last year with the launch of the CT 60 collection, is looking to expand its watch business in the face of slipping jewelry sales.
New York--Tiffany & Co. had the difficult first quarter it expected, with sales dropping in almost every region and across all product categories.
In the Americas, same-store sales slid 10 percent (9 percent on a constant-exchange-rate basis) in the first quarter ended April 30, and total sales were down 9 percent (8 percent on a constant-exchange-rate basis) to $403 million.
Sales were down across the United States among both domestic customers and foreign tourists of all nationalities, Tiffany Vice President of Investor Relations Mark Aaron said on the company’s earnings call Wednesday morning.
Worldwide, Tiffany saw its net sales fall 7 percent from $962.4 million to $891.3 million. Same-store sales were down 9 percent. The jeweler saw sales slide in every region except Japan, where local customers drove an 8 percent gain in total sales and comps rose 12 percent.
While gross margin improved, it was not enough to offset the slow sales, and net earnings tumbled from $104.9 million to $87.5 million.
“Overall, these first quarter results generally represented a continuation of the softness in sales trends that we experienced in the latter part of 2015 and were largely what we expected,” Aaron said.
The company’s global same-store sales fell 5 percent in the fourth quarter, while third quarter comps were up only 1 percent.
In the first quarter 2016, sales were down across all product categories, though Aaron noted that bridal and fashion jewelry fared better than the jeweler’s higher-end collections.
Online sales, which accounted for 6 percent of Tiffany’s global sales in 2015, were up slightly. Aaron said the retailer is continuing its “duel focus” on online and brick-and-mortar business in order to build product and brand recognition and improve the customer experience. He also mentioned the launch of Tiffany’s already announced partnership with e-commerce site Net-a-Porter.
Tiffany also is working to a build up its watch business, an area in which the jeweler is particularly ambitious after returning to timepiece selling with the launch of the CT 60 collection last year.
Nicola Andreatta, head of the company’s timepiece unit, told Bloomberg in an interview published this week that Tiffany aims to become one of the top 10 watch brands in the world in the next 10 years.
Tiffany did not open any new stores in the Americas in the first quarter and does not plan to open any for the rest of
Editors' Picks
Sponsored by
the fiscal year, though it is renovating stores in San Francisco, Beverly Hills and Vancouver, British Columbia.
Worldwide, the retailer plans to close 10 stores, open 11 and relocate six by fiscal year’s end.
As of April 30, Tiffany operated 308 stores worldwide, including 124 in the Americas, up from 298 a year ago, 123 of which were in the Americas.
Given its first quarter results, Tiffany downgraded its expectations for the year. It now expects a low-single-digit year-over-year decline in sales.
Worldwide, the retailer plans to close 10 stores, open 11 and relocate six by fiscal year’s end.
As of April 30, Tiffany operated 308 stores worldwide, including 124 in the Americas, up from 298 a year ago, 123 of which were in the Americas.
Given its first quarter results, Tiffany downgraded its expectations for the year. It now expects a low-single-digit year-over-year decline in sales.
More on Financials
The Latest
ColumnistsSep 01, 2026
Your Jewelry Marketing Has a Bridal ProblemEngagement rings are important but don’t ignore the customers who are buying jewelry “just because,” Emmanuel Raheb writes.
MajorsSep 01, 2026
Kering Names New Pomellato, DoDo CEOsFormer Pomellato CEO Sabina Belli has been named president of Kering Italia amid a shakeup of Kering's new Jewelry division.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
MajorsSep 01, 2026
Anne Marie Shulman Joins GPA GlobalThe veteran luxury packaging executive was appointed to help the company grow its North American business.
Weekly QuizAug 27, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeAug 31, 2026
$4M Van Cleef & Arpels Diamond Necklace Snatched From Vienna Museum Once the property of an Egyptian queen, the necklace was part of a larger exhibition of VCA jewelry at the Museum of Applied Arts (MAK).
GradingAug 31, 2026
GIA, Gübelin Gem Lab Confirm New Paraíba Tourmaline Deposit in EthiopiaThe labs’ separate investigations each determined that the East African country is producing copper-bearing tourmaline.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 31, 2026
Wisconsin Museum to Host Jewelry Exhibition“Chicago Collects: Jewelry in Perspective” at the Oshkosh Public Museum will feature works by Fabergé, Lalique, and Louis Comfort Tiffany.
CollectionsAug 31, 2026
Catbird Launches First Men’s Jewelry CollectionThe “Worn Well” collection is Catbird's take on classic men's jewelry.
CollectionsAug 28, 2026
Dolly Parton Would Have Loved This Butterfly Necklace This Buddha Mama butterfly is our Piece of the Week honoring the legend, who embraced the beautiful insect as her symbol.
SourcingAug 28, 2026
Gareth Penny to Give Opening Speech at CIBJO Centenary CongressThe former De Beers CEO, and perhaps its next owner, will be a featured speaker at the event, slated for Sept. 4-7 in Italy.
IndependentsAug 28, 2026
Day’s Jewelers Honored With 3 Workplace AwardsThe employee-owned jeweler was named a “Best Place to Work” in Maine, New Hampshire, and for women.
CollectionsAug 27, 2026
Pandora Expands ‘Talisman’ Collection as Lawsuit Continues The second iteration of the jewelry collection was inspired by the zodiac and the four elements: earth, water, air and fire.
SourcingAug 27, 2026
OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
CrimeAug 27, 2026
Customs Seizes Nearly 900 Pieces of Counterfeit JewelryThe package, intercepted in Indianapolis, contained fake Cartier, Tiffany & Co., and Van Cleef and Arpels jewelry.
IndependentsAug 27, 2026
Jessica McCormack to Open First West Coast StoreThe new location in Costa Mesa, California, marks the brand’s second store in the United States and fourth standalone location worldwide.
SurveysAug 26, 2026
5 Jewelry Insights From The RealReal’s Resale ReportThe report delves into trending styles, the most popular jewelry brands by city, and why Belle Époque jewelry could be the next big thing.
Lab-GrownAug 26, 2026
AGTA Now Requiring Members to Call Lab-Grown Gems ‘Synthetic’The association added the requirement to its revised "Code of Ethics" and released the 17th edition of its “Gemstone Information Manual.”
SurveysAug 26, 2026
Consumer Confidence Dips in August Amid Anticipatory Anxieties Respondents were concerned about the future of the labor market and their income as well as the rising prices of gas and groceries.
TrendsAug 26, 2026
Boucheron’s New Campaign Celebrates Its ‘Question Mark’ NecklacesThe campaign highlights the asymmetrical high jewelry necklace style that the jeweler first created in 1879.
Events & AwardsAug 26, 2026
Harry Winston Exhibition to Open in ShanghaiIt will explore the life of “The King of Diamonds” and showcase more than 165 creations from the brand.
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
