Strong growth in China helps Tiffany worldwide

New CEO Alessandro Bogliolo has already invested in changes at Tiffany. Photo credit – Tiffany

 

Tiffany – the internationally renowned jewellery brand – has released financial results for the end of 2017.

 

Driven by a strong performance in the Chinese market, these show good progress for the brand.

According to a company press release, in the Asia-Pacific region, total sales increased 16% to $232 million in the last two months of the year.

This was due to a 7% increase in comparable store sales, new store openings and an increase in wholesale sales.

Tiffany states that management attributed retail sales growth primarily to higher spending by local customers, and particularly noted growth in mainland China.

Globally, Tiffany reported worldwide net sales increased 8% to $1.05 billion in the two months.

Alessandro Bogliolo, Chief Executive Officer, said, “We were pleased with the improvement in sales during the holiday period across regions and categories, both instore and online.”

”While our major Fashion Jewelry collections continued to perform well, customers were equally excited about our Fine Jewelry, our Watches and our new Home and Accessories collection. Some exceptional High Jewelry 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.”

He 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 capitalize on that strength.”

 

Rupert Reid

Pilot and Senior Broadcast Journalist at Panda Radio. You can find him on Twitter @rupertreid

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