Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
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
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the rising prices, consumers continue to seek out the precious metal.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.