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Weak US Spending Drags Down Tiffany Sales

Luxury retailer’s stock drops despite rise in net profit.
May 24, 2017 10:01 AM   By Rapaport News
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RAPAPORT...
Tiffany & Co’s share price slumped 9% Wednesday after the retailer reported a dip in same-store sales for the first fiscal quarter.

The jeweler announced a 3% drop in comparable-store sales — a sum that doesn’t include revenue from recently opened shops. Much of that was due to weaker spending in the Americas, where same-store sales slowed 4%.

“Sales results were geographically mixed across the [Americas] region, and management attributed the overall sales declines to lower spending by both foreign tourists and local customers,” the company said.

The downturn came even as total revenue crept up 1% to $899.6 million during the quarter, which ended April 30, and net profit grew 6% to $92.9 million.

Meanwhile, Asia-Pacific comparable sales fell 3% as growth in mainland China failed to compensate for weakness in other markets. In Japan, they declined 1%, while European same-store sales slipped 3%.

Image: Newscast

Tags: americas, Asia-Pacific, China, Europe, Jewelry, Rapaport News, retail, Tiffany, Tiffany & CO., tourists, US retail
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