TIFFANY’S SALES AND EARNINGS GO WAY UP IN Q1
For the three months of the year ended April 30, net sales for Tiffany & Co. went up 15% to $1 billion, which resulted in an increase of 53% in net earnings to $142 million, according to IDEX Online. As for an overall 2018 outlook, the company projects that net sales will increase “by a high-single-digit percentage over the prior year”.
In the Americas, total net sales increased 9% to $425 million, a rise attributed to higher spending by local customers and foreign tourists. In Asia-Pacific, total net sales rose 28% to $329 million “due to increased retail sales in Greater China and most other markets, as well as higher wholesale sales in Korea”. In Japan, total net sales rose 17% to $151 million, a rise attributed to higher spending by local customers and foreign tourists. In Europe, total net sales increased 13% to $107 million.
Alessandro Bogliolo, the jeweller’s CEO, said that the company is encouraged “by the breadth of sales growth across most regions and all product categories”. Tiffany opened one company-operated store in Q1 and closed two. At April 30, the company operated 314 stores versus 310 stores a year ago.