25-05-2018
Tiffany & Co recorded strong and better-than-expected growth over the three months ended 30 April (first quarter) 2018; and has updated the full-year outlook.
The US jeweller reported on 23 May that worldwide sales rose 15 percent to US$1 billion, while net earnings increased 53 percent to US$142 million from US$93 million last year.
Company CEO Alessandro Bogliolo said: “We are very pleased with this start to the fiscal year, and we are particularly encouraged by the breadth of sales growth across most regions and all product categories. Most importantly, however, we remain focused on achieving sustainable growth in comparable sales, operating margin and earnings by pursuing and investing in the six strategic priorities we put forward in March: Amplifying an evolved brand message; Renewing our product offerings and enhancing in-store presentation; Delivering an exciting omnichannel customer experience; Strengthening our competitive position and leading in key markets; Cultivating a more efficient operating model; and Inspiring an aligned and agile organization to win.”
When it comes to product offering renewal and brand message strengthening, Bogliolo cited the examples of the launch of Paper Flowers collection jewellery and the ‘Believe in Dreams’ advertising campaign.
Net sale growth in the first quarter 2018 were registered across regions: the Americas increased nine percent to US$425 million, Asia-Pacific 28 percent to US$329 million, Japan 17 percent to US$151 million, and Europe 13% to US$107 million. Strong sales growth was seen in all jewellery categories.
For sales outlook, the management’s guidance for fiscal 2018 includes worldwide net sales increasing by a high-single-digit percentage over the prior year. (Photo courtesy: Tiffany & Co)
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