10-6-2020
Tiffany wordwide sales sank 45 percent in its Q1 financial results for the three months ended 30 April.
Revenue in key markets like the United States and Japan were down significantly during the first quarter. Sales in the United States plunged 45 percent. China was the first market to see a rebound. Retail sales in China up for 30 percent yoy in April and jumped 90 percent in May.
Despite a “very challenging” quarter, CEO Alessandro Bogliolo said: “I am confident Tiffany’s best days remain in front of us because there is evidence that the strategic decisions we took to focus on our mainland China domestic business, global e-commerce, and new product innovation are paying off - even against the backdrop of a global pandemic.”
Account for 15 percent of total sales currently, e-commerce sales were up 23 percent worldwide with key markets such as the United States and the United Kingdom up 14 percent and 15 percent, respectively.
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