Tiffany sales up 16% in Europe
Tiffany & Co.’s European sales jumped 16% to $58.2m (£37.6m) in the three months to October 31, offsetting declining sales at the retailer’s US arm which fell 7% to $331.8m (£214.5m). Despite an overall worldwide sales drop of 1% to $618.2m (£399.6m), Tiffany reported a “high level of profitability in the third quarter” with gross profit up $6.5m (£4.2m) on last year to $348m (£225m) for the period.
Tiffany’s poor performance in the US was further offset by healthy sales in the Asia-Pacific regions, which rose 3% to $206m (£133.2m).
Tiffany said that it is forecasting a continuation of the weak sales experience in the US in the third quarter. However, it added that conditions are expected to be slightly better in Europe and in Asia-Pacific regions.
Tiffany chairman and chief executive Michael Kowalski said: “Customers have adjusted their spending in reaction to economic conditions and near-term uncertainties.
“It is impossible to know when consumer confidence will be restored. However, even in trying times like these, we believe customers will continue to seek classic, timeless designs that do not go out of style and can be worn and enjoyed for years to come.”
Last month Tiffany opened a store at long-awaited shopping centre Westfield London. The brand was one of the few stores to open on time in the luxury sector of the centre.
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