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The increase in global sales follows a period of consecutive declines. Image courtesy: <a href="" target="_blank">Facebook/Tiffany & Co</a>
The increase in global sales follows a period of consecutive declines. Image courtesy: Facebook/Tiffany & Co

Modest sales turnaround for Tiffany & Co

While Tiffany & Co’s latest financial report indicated declining sales in Australia, modest improvements were recorded both globally and for the Asia-Pacific region.

Net sales in the Asia-Pacific market increased 4 per cent to US$247 million (AU$332 million) in the third quarter of 2016, ended 31 October, compared to the corresponding period in 2015.

Same store sales in the region, however, fell 7 per cent.

Tiffany & Co CEO Frederic Cumenal said the Asia-Pacific results reflected “strong growth in mainland China” as well as a slower rate of decline in Hong Kong.

The company’s latest financial statement did not provide specific figures for Australia but it did make reference to “continued sales declines in Australia and Singapore”.

International results
Frederic Cumenal, Tiffany & Co CEO
Frederic Cumenal, Tiffany & Co CEO

Global net sales rose 1 per cent year-on-year to US$949 million (AU$1.3 billion). According to Jeweller’s records, this represented the first worldwide increase for the company since the third quarter of 2014.

Same store sales for the third quarter fell 2 per cent, while in the year to date, the nine months ended 31 October, global sales totalling US$2.8 billion (AU$3.8 billion) were 4 per cent below the previous year and same store sales were down 6 per cent.

Cumenal said early signs of improvement in sales trends were encouraging; however, an extended period of positive results was required before an “inflection point” was achieved.

"This year, we've added exciting new designs across our jewellery and watch categories and are pleased with initial customer response,” he added.

“As the global environment continues to reflect economic and other challenges that we believe are continuing to affect customer demand, it is more important than ever that we remain focused on strategies to deliver extraordinary products and experiences to our customers.”

The financial report stated that management had maintained its forecast of a “low single-digit percentage” decline in global sales for the full 2016 fiscal year.

More reading
Tiffany & Co sales continue to fall
More sales declines for Tiffany & Co
Tiffany & Co strong Down Under amid global declines
Tiffany & Co sales decline under exchange pressure
Tiffany & Co jewellery sales tumble

Wednesday, 24 October, 2018 09:24am
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