Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
Tiffany Q4 Sales Dragged Down by Weak Holiday Season
Global sales dipped 1 percent in the fourth quarter, a disappointing ending to an otherwise strong year.
New York—Tiffany & Co.’s worldwide sales dipped by 1 percent in the fourth quarter, weighed down by a weak holiday season.
The retailer had attributed its disappointing holiday sales to a decrease in spending by Chinese tourists and softening demand in the Americas and Europe.
Fourth-quarter net sales totaled $1.32 billion, compared with $1.33 billion in the fourth quarter 2017.
Sales in the Americas, where the most Tiffany stores are located, were flat compared with a year ago at $618 million, which the company said was due to foreign tourists spending less. Same-stores sales were flat as well.
European sales were down 3 percent to $162 million, again linked to a decline in tourist spending. Same-store sales dipped by 5 percent.
Asia-Pacific sales, meanwhile, declined 1 percent to $316 million as sales slowed in mainland China, and same-store sales were down by 3 percent.
Japan was the exception, reporting a 3 percent increase in sales to $196 million, as both locals and foreign tourists spent more. Comps climbed 3 percent.
Sales from the “other” segment, which includes five Tiffany stores in the United Arab Emirates, were down 25 percent to $29 million due to a decline in wholesale sales of diamonds as well as a dip in same-store sales.
In terms of categories, jewelry collection sales, which includes lines like Tiffany T and Paper Flowers, rose by 3 percent in the fourth quarter. Engagement jewelry sales fell 3 percent, and sales of jewelry from designers Elsa Peretti, Paloma Picasso and Tiffany & Co. Schlumberger dropped 8 percent.
The fourth-quarter decline capped off what was otherwise a strong year for Tiffany.
Worldwide net sales for the full year climbed 7 percent higher to $4.4 billion with same-stores sales up 4 percent.
Total annual sales in the Americas rose by 5 percent, clocking in at $2 billion, while same-store sales for the region increased by 5 percent.
Looking to fiscal 2019, the company forecasts worldwide net sales to increase by a low-single-digit percentage.
Net sales are expected to decrease in the first half of the year due to a dip in tourism spending, a stark contrast to the nearly 7 percent increase in revenue analysts had forecasted.
Despite the lackluster results, CEO Alessandro Bogliolo said that he continues to “strongly believe that Tiffany has vast global growth opportunities, and we look forward to realizing our full potential in the future.”
As of Jan. 31, there were 321 Tiffany stores in operation, compared
The Latest
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.