Tiffany sales begin to recover

Tiffany and Co has reported its financial results for the three months and half-year ended July 31, 2020.

The group began to return to profitability during the second quarter of 2020 following “meaningful sequential improvements” in monthly worldwide net sales from May to July.

In light of this, worldwide net sales for the quarter fell by 29% to $747m (£562m), having been down by 45% in the quarter ended April 30, 2020.

In its half-year results, worldwide net sales fell by 37% to $1.3bn (£977m) overall.

CEO Alessandro Bogliolo said, “We were excited to see that the encouraging trends we cited for the first quarter, namely, increased sales in Mainland China and global e-commerce, accelerated during the second quarter and propelled our return to quarterly profitability. 

“Importantly, our global sales trends have strengthened in August, with preliminary month-to-date worldwide sales through 25 August being slightly positive as compared to the same month-to-date period in the prior year.”

He added: “Globally, our e-commerce business was up 123% with key markets such as the United States and the United Kingdom up 122% and 93%, respectively, during the second quarter. This puts global e-commerce sales at approximately 15% of our total global net sales for the first half of fiscal 2020 versus 6% in each of the last three full fiscal years. 

“Our second quarter results and August trends to date, in light of these challenging times, confirm the power and resilience of this venerable brand.”