Tiffany & Co. said U.S. sales were strong in its third quarter, with gold fashion jewelry performing well but entry-level silver sales continuing to sink.
Overall sales in the Americas regions rose 10 percent for the quarter (ended Oct. 31), marking it as one of the best-performing regions in a quarter where overall sales rose 5 percent to $960 million.
Sales increased in most U.S. markets, including its New York City home base, director of investor relations Mark Aaron said on a conference call following the release of its financial results.
The company recently opened a 2,000-square-foot store on Boston’s Newbury Street and is planning a 5,000-square-foot store in the Miami Design District, Aaron added.
Aaron said the company is “delighted” with the response to its new Tiffany T collection; saw strong growth in fashion jewelry at higher price points; and has enjoyed continued strength from its yellow diamond, Diamonds by the Yard, and Victoria collections.
Engagement jewelry and wedding band sales rose only modestly, Aaron said, but its Harmony collection is getting more popular.
The company posted a pretax loss of $94 million for the quarter, due to debt prepayments. Net earnings declined 60 percent to $38 million.
Outside of the Americas, sales were mixed: Asia Pacific sales rose 2 percent, and sales in Europe rose 9 percent, while sales in Japan fell 12 percent.
View Tiffany’s full financial statement.
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