TIFFANY’S NET SALES UP 1% TO $949 MILLION IN Q3 2016
Jewelry retailer Tiffany & Co. is rebounding after a rough patch, as its third quarter report (three months ended October 31) shows worldwide net sales up by 1% to $949 million and comparable store sales down 2%, IDEX Online reports. Net earnings increased 5% in the third quarter to $95 million from $91 million.
A modest increase in fashion jewelry sales was offset by softness in other product categories, the jeweler said in a statement.
In the nine months ended October 31, worldwide net sales were down 4% to $2.8 billion year-on-year, and comparable store sales declined 6% due to varying rates of decline in all regions except Japan. Net earnings were $288 million compared with $301 million in the prior year.
Tiffany’s opened four company-operated stores in the third quarter and closed two existing locations, all in the Asia-Pacific region. As of October 31, the company operated 313 stores versus 305 stores a year ago.