Tiffany & Co reported an increase in revenue and profit in the second quarter (Q2) ended 31 July 2017, driven by increased wholesale sales of diamonds, wholesale sales in the Asia-Pacific region and strong e-commerce sales growth.
Worldwide Q2 net sales increased three percent to US$960 million, while comparable-store sales declined two percent, said the jeweller on 24 August 2017. Net earnings rose nine percent to US$115 million, or US$0.92 per diluted share, from US$106 million, or US$0.84 per diluted share in the prior year, owing to improved operating margins.
In the Asia-Pacific region, total sales of US$235 million in the quarter and US$492 million in the first half were two percent and five percent, respectively, above the previous year; comparable-store sales declined seven percent and five percent, respectively. Japan market, which makes up around 15 percent of the group’s total revenue in the period, performed well with a three-percent rise in comparable-store sales.
Q2 sales in North America, which is Tiffany’s largest market, fell one percent to US$439 million; comparable-store sales declined one percent. In Europe, total sales of US$114 million in the quarter were three percent above the prior year.
← Back