Tiffany & Co. said that its comps for the 2019 holiday period rose 1%–3%, with a slight increase in the Americas region and strong sales in China.
The preliminary sales announcement for the holiday—which was defined as Nov. 1 through Dec. 24—came in an 8-K filed Dec. 26 with the Securities and Exchange Commission.
Comps in the Americas region, which includes the United States, rose 2%–4%, while comps shot up an impressive 7%-9% in the Asia-Pacific region. Comps in Europe increased a healthy 4%–6%, while they plummeted 11%–13% in Japan.
“During this period, we continued to see the Chinese mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan—which we believe continues to be negatively impacted by the recent increase in the consumption tax,” said Alessandro Bogliolo, chief executive officer, in a statement. “We are happy to see sales growth in the Americas, a momentum shift in the region.”
In the last quarter, Tiffany opened a new store at the Hudson Yards shopping complex, its fifth store in New York City.
Beginning in January 2020, the company’s Fifth Avenue flagship will close, as it undergoes a major overhaul. During that time, its operations will temporarily move to 6 E. 57th St.
Bogliolo said that it had seen an “enthusiastic reaction” to its new men’s pop-up concept store, which is located next to its flagship, and stocks offbeat items (including a robin’s-egg blue motorcycle) from its Very, Very Tiffany Holiday collection.
In November, Tiffany reached a deal to be acquired by luxury conglomerate LVMH for $16.2 billion. That deal should be completed by the middle of 2020. It expected its financial results to be negatively affected by the process of completing that merger.
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