Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Tiffany’s US Sales Soft in Q1
Spending by both foreign tourists and local customers was down, with comps in the Americas region as a whole sliding 4 percent.
New York--Tiffany & Co. reported Wednesday that while U.S. sales varied by location in the first quarter, they were “generally soft” with both foreign tourists and local customers spending less.
In the first quarter ended April 30, the New York-based retailer recorded a 4 percent decline in same-store sales in the Americas, with net sales down 3 percent to $392 million.
The retailer did not say anything specific about the first quarter performance of its flagship store in New York after reporting a difficult fourth quarter for the location in the wake of increased security at its neighbor, Trump Tower.
Worldwide, comps sank 3 percent while net sales grew 1 percent to $900 million on the back of growth in wholesale diamond sales and in the Asia-Pacific market, Tiffany’s second largest market. Much of that growth was concentrated in mainland China.
On a constant-exchange-rate basis, same-store sales were down 2 percent while net sales rose 2 percent.
Sales of fashion jewelry--particularly gold pieces in the Tiffany “T” collection--were strong while engagement rings underperformed and high jewelry sales were mixed.
During the company’s earnings call on Wednesday morning, Chief Financial Officer Mark Erceg said the retailer is not focused on “macroeconomic factors we cannot directly influence” but, rather, a set of strategies, which also were outlined by interim CEO Michael Kowalski during the call.
They are: clienteling and CRM (customer relations management) to more effectively engage with customers; adding more new products at a faster pace; optimizing the store network through openings, renovations and, in some cases, store closings; and enhancing brand awareness through effective marketing.
Tiffany’s net earnings in the first quarter totaled $92.9 million, compared with $87.5 million in the same period last year.
Gross margin rose from 61.2 percent to 62 percent due to sales of higher-margin fashion jewelry, partly offset by increased wholesale sales of diamonds.
Tiffany did not open any company-operated stores in the first quarter but closed three.
As of April 30, Tiffany had 310 stores worldwide, including 124 in the Americas. A year ago, the retailer had 308 stores, including 124 in the Americas.
The company completed the renovation of its store on San Francisco’s Union Square in the first quarter and reopened its newly renovated store on Burrard Street in Vancouver.
Tiffany’s guidance for the full fiscal year remains unchanged; the retailer expects a low single-digit increase in sales.
This fall, the
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.