A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
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.
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
The retailer plans to open eight stores, close two and relocate 15 this year.
The Latest
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Emily Highet Morgan and Emily Bennett have joined the agency’s team.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.