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Tiffany & Co's first quarter results indicated fashion jewellery had a "pleasing" performance. Image courtesy: Tiffany & Co
Tiffany & Co's first quarter results indicated fashion jewellery had a "pleasing" performance. Image courtesy: Tiffany & Co

Tiffany & Co sales steered by fashion jewellery

Tiffany & Co’s first quarter financial report showed a slight increase in global revenue, with the company heralding “pleasing” sales in the fashion jewellery category but not so positive results in other areas.

The company’s global net sales for the three months ended 30 April 2017 rose 1 per cent to US$900 million (AU$1.2 billion) compared to the same period in 2016.

Global same-store sales decreased 3 per cent compared to the previous year.

Asia-Pacific, which includes Australia, was the only region that reported an increase; sales rose 8 per cent to US$257 million (AU$345 m). Same-store sales declined 3 per cent.

According to Tiffany & Co investor relations vice president Mark Aaron, Asia-Pacific’s steady revenue increase helped to offset the sales decline in the Americas, Europe and Japan.

“Our second largest region is Asia-Pacific, where an increase in total sales was due to higher wholesale sales and the effect of new store openings over the past year,” Aaron said during a conference call regarding the financial results on 24 May.

Despite the mixed outcome, Aaron commented that the company was “on track” to achieve its full year earnings prediction.

Performing categories

Aaron also stated during the conference call that Tiffany & Co’s fashion jewellery category – primarily consisting of non-gemstone gold and silver jewellery – performed “relatively better” than other categories.

“In the first quarter, white gold jewellery sales led the [fashion] category's growth,” Aaron said, adding the company’s fashion silver jewellery sales were above those of the past year.

In other product categories, sales falling under the designer category posted “healthy” increases this quarter, while performance in the high fine and solitaire category was “mixed.”

Tiffany & Co watch sales were described as “encouraging” but the engagement jewellery and wedding band category – arguably what the company is best known for – continued to “underperform”.

At the end of April 2017, Tiffany & Co operated 310 stores globally, including 84 in the Asia-Pacific, 124 in the Americas, 54 in Japan, 43 in Europe, five in the United Arab Emirates and one in Russia.

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