Tiffany & Co sees sales festive sales increase

New York based jeweller Tiffany & Co has reported a strong performance over the festive period as sales increased worldwide. Net sales increased by 8% over the two month period ending December 31 2017 taking the total to £720m. Comparable sales also rose by 5%. Tiffany & Co attributed the positive results to the growth across regions and growth in its product categories. While sales in Europe increased by 14% to £97m due to new store openings and comparable store sales increasing, other total sales declined 10% to £13m, and a 14% increase in comparable store sales was offset by a decline in wholesale sales of diamonds. Alessandro Bogliolo, chief executive, said: "We were pleased with the improvement in sales during the holiday period across regions and categories, both in store and online. While our major Fashion Jewellery collections continued to perform well, customers were equally excited about our Fine Jewellery, our Watches and our new Home and Accessories collection. “Some exceptional High Jewellery creations further contributed to the sales performance. This recent return to growth in worldwide comparable store sales, fueled by a substantial improvement in the Americas and Asia Pacific, is consistent with our commitment to generate solid and sustainable growth in sales, operating margin and earnings that is at least comparable to our industry peers over the long-term." The favourable festive period has come after a series of negative results for the brand. At the end of Q4 the jewellery brand, reported an 8% fall in sales across Europe which it put down to lower spending by local customers and foreign tourists. Bogliolo added "However, while we are encouraged with the holiday sales results, we believe that the preceding negative comparable store sales trend can only be reversed on a sustainable basis by continuing to evolve our product offerings and customer experience and also by stepping up certain strategic spending in our business, all of which is reflected in our preliminary 2018 plans and earnings outlook. Nonetheless, our holiday period results confirm that the Tiffany & Co brand is strong, and we are excited about our numerous long-term global opportunities to capitalise on that strength."