Tiffany Sees Q1 Comps Rise 9% in the Americas

FinancialsMay 24, 2018

Tiffany Sees Q1 Comps Rise 9% in the Americas

Jewelry market trends were positive in the first quarter for the retailer, with worldwide same-store sales increasing 7 percent.

Tiffany & Co. CEO Alessandro Bogliolo said the retailer was “excited” about unveiling the new “Paper Flowers” collection earlier this month, adding that additions to existing collections will follow throughout the year. Pictured here is a “Paper Flowers” ring in platinum and white diamonds with a pop of color courtesy of a yellow diamond.

New York--Tiffany & Co. reported better-than-expected first quarter results, with comps rising both worldwide and in the Americas.

In the first quarter ended April 30, same-store sales in the Americas increased 9 percent year-over-year on both a reported and constant-exchange-rate basis. The jeweler reported higher spending both by tourists and local customers.

Total sales were $425 million, up 9 percent (8 percent on a constant-exchange-rate basis) to $425 million.

Worldwide, same-store sales were up 10 percent (7 percent on a constant-exchange-rate basis) while total sales rose 15 percent (11 percent on a constant-exchange-rate basis) to $1 billion.

Both the Asia-Pacific region and Japan performed strongly for Tiffany in Q1, while same-store sales declined on a constant-exchange-rate basis in Europe, with spending soft across much of the region.

Product-wise, Tiffany reported strong sales growth across all categories—jewelry collections, designer jewelry and engagement jewelry.

Net earnings climbed 53 percent year-over-year from $93 million to $142 million.

“We are very pleased with this start to the fiscal year, and we are particularly encouraged by the breadth of sales growth across most regions and all product categories,” CEO Alessandro Bogliolo said in a company statement.

The 180-year-old jeweler has been working to revamp its image among the next generation of consumers with the introduction of fresh product lines and marketing campaigns, and the refinement of its in-store and online experience.

In November, the retailer reopened the fourth floor of its flagship store on Fifth Avenue in New York City following a renovation that included the addition of a café where shoppers can have breakfast (as well as lunch and dinner) at Tiffany’s.

Earlier this month, it unveiled its first new jewelry collection since 2009’s “Tiffany Keys.”

Around that same time, it began painting New York City Tiffany blue, literally, as part of a new social-media centric marketing campaign called “Believe in Dreams.” It tapped 20-year-old actress Elle Fanning as the face of the campaign, which includes a reimagining of the iconic opening scene of “Breakfast at Tiffany’s.” 

Tiffany opened one company-operated store in the first quarter and closed two.

As of April 30, the jeweler had 314 stores worldwide, including 123 in the Americas region. That’s up from 310 stores a year ago, including 124 in the Americas region.

Tiffany increased its full-year guidance and is now expecting worldwide net sales to increase by a high-single-digit percentage over the prior

year, while mid-to-high-single-digit comp growth is expected.

The retailer plans to open eight stores, close two and relocate 15 this year.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

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