The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
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
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.