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TIFFANY’S SALES AND EARNINGS GO WAY UP IN Q1

Net sales went up 15% to $1 billion, net earnings increased 53% to $142 million
Tiffany & Co. jewelry
Credit: Iris Hortman

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.



Tags: Diamonds News, Jewelry News, Diamond Jewelry News, Tiffany's News

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