Rapaport News



Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Rough Markets
Polished Markets

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
Print Print Facebook Facebook Twitter Twitter Share Share

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
Similar Articles
GraffGraff Hires US Chief to Help Expand Business
Jan 15, 2020
Graff has appointed Marc Hruschka CEO of its US operations as part...
US Online Holiday Sales Reach Record $143B
Tiffany Opens Its ‘Flagship Next Door’
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First

Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
twitter twitter
About Rapaport
Advertise with us