Tiffany’s comp sales declined 1 percent in its third quarter (ended Oct. 31), though they came out flat on a constant exchange basis.
Worldwide net sales increased 3 percent to $976 million. Net earnings increased 5 percent to $100 million.
Sales in the Americas rose slightly in all categories except engagement jewelry, director of investor relations Mark Aaron said on a conference call following the release of its financial results. Numbers were hurt by lower spending by foreign tourists.
The company reported improved sales in fashion jewelry and its high, fine, and solitaire jewelry categories. It’s also received a favorable reaction to its watch, fragrance, and HardWear jewelry collections, Aaron said.
It just launched a build-your-own-ring feature on its website that lets customers design their own charm bracelets.
Aaron also tipped his hat to the recently opened Blue Back Café: “Based on the long queues every day, the café is becoming a New York tradition.”
On the call, recently appointed Tiffany CEO Alessandro Bogliolo said the Blue Box brand is strong, but noted, “Some of our competitors have posted stronger sales growth than us, which, I can assure you, will not be acceptable in the long term.”
(Image courtesy of Tiffany & Co.)