Tiffany & Co. appear third-quarter accumulation and sales that exhausted Street estimates, as sales backbone in its Americas and Asia-Pacific regions helped to account weakness in Japan.
Net assets rose to $100.2 million, or 80 cents a share, for the division concluded Oct. 31, from $95.1 million, or 76 cents a share, in the year-ago period.
Total net sales grew 3% to $976.2 million, aloft estimates of $958.3 million. Total same-store sales fell 1%.
“These latest banking after-effects hardly exceeded our expectations, but I accept that Tiffany has the average to abiding abeyant to accomplish allusive commensurable abundance sales advance and drive college operating margins and balance growth,” said Alessandro Bogliolo, CEO, who abutting Tiffany in October. “Looking forward, we will added capitalize on the backbone of the Tiffany & Co. cast with stronger authoritative focus on addition in product, digital, advice and the chump experience.”
Tiffany’s sales in the Americas added 1% to a better-than-expected $421 million, and Asia-Pacific sales rose 15% to $283 million, additionally bigger than expected. Japan sales fell 8% to $139 million, beneath expectations. Tiffany said the weaker yen adjoin the dollar advised on after-effects in Japan.
Commenting on the results, Neil Saunders, managing administrator of GlobalData Retail, acclaimed that Tiffany has appear a continued way in the accomplished year, starting with improvements in its product. He said that a greater accent on appearance and artist collections has generated absorption amid adolescent customer segments.
“As able-bodied as application its articles to advertise the brand, Tiffany has additionally upped its bold in accepted business and advertising,” Saunders said. “These accept been added in faddy than accomplished campaigns, and the use of celebrities like Janelle Monáe, Zoë Kravitz, & St. Vincent (Annie Clarke) is allowance consumers to see the cast in a new, added avant-garde light.”
Saunders said an absorbing aftereffect of the company’s “gentle repositioning” is that abounding of the adolescent shoppers Tiffany is starting to allure are activity online rather than into stores.
“This has resulted in some able-bodied e-commerce numbers,” he said. “It is to Tiffany’s acclaim that it has responded by convalescent the website acquaintance and by accretion the bulk of agreeable beyond its platforms.”
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