Tiffany Sees Sparkling Holiday, Comps Climb 5 Percent

Tiffany & Co. reports that its comp sales rose 5 percent over the two-month holiday season.

Overall sales jumped 8 percent to $1.05 billion.

On a constant-exchange basis, sales rose 6 percent, and comps rose 3 percent.

Sales were particularly strong in the high, fine and solitaire, and fashion jewelry categories, the company said. There was “fractional” growth in engagement jewelry and wedding bands, according to a statement. CEO Alessandro Bogliolo singled out the company’s new home and accessories line as another strong performer.

In his statement, Bogliolo said that to continue the growth, the company must continue to “evolve [its] product offerings and customer experience and [step] up certain strategic spending.”

Sales in the Americas region grew percent to $516 million, with comparable store sales rising 6 percent. There were “varying degrees of growth” across the United States, said a company statement.

The results caused management to upgrade its guidance for fiscal 2018. It now expects a “mid-single-digit percentage increase in worldwide sales.”

(Image courtesy of Tiffany & Co.)

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JCK News Director