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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.
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