20 Oct 2020
DiamondWorld Directory
Home |
News
Home
Tiffany reports rebound in Aug-Sep
Worldwide net sales for the two-month period declined slightly from the comparable period in 2019 and operating earnings, inclusive of transaction-related expenses, increased approximately 25% from the comparable 2019 period
By: Diamond World News Service
|
Oct 16 2020 4:26PM
|
Reference: 25204  

DecreaseIncrease
courtesy: Tiffany & Co
courtesy: Tiffany & Co

Positive sales trends are continuing in October. Globally, e-commerce sales continued to show strong growth, nearly doubling in the two-month period from the comparable period in 2019 and representing 13% of total net sales year-to-date through September 30. E-Commerce sales have historically represented approximately 6% of total net sales. Sales in Mainland China remained extremely strong and the Tiffany T1 line, the Company’s newest gold and gold with diamonds jewelry collection, continued its strong performance during the two-month period.

Despite the dramatic decline in tourism in the United States in 2020, sales in the United States declined by a low double-digit percentage in the two-month period relative to the comparable period in the prior year. This represents a meaningful sequential improvement since May 2020 to sales declines in the United States each month relative to the same month of the prior year, and the Company expects the sales trends in the United States to further improve in the fourth quarter.

Chief Executive Officer Alessandro Bogliolo said, “While we still expect full-year results to be substantially impacted by COVID-19, we are very pleased with the way the business has rebounded following the first quarter and continues to rebound in the third quarter, especially in Mainland China, and to recover in the United States.”

Tiffany’s cash balance continued to be in excess of $1 billion at September 30 and is expected to be approximately $900 million at year-end, which assumes the repayment of a $500 million draw earlier this year on the Company’s global revolver and capital expenditures for the full year that are flat to 2019 and approximately 30 percent below the 2020 pre-COVID plan. The decrease in capital expenditures relative to plan largely reflects costs deferred to 2021 due to the legally mandated temporary shutdown of the Fifth Avenue flagship renovation earlier this year and the Company’s decision to defer certain planned store openings and renovations to 2021.

The Company currently expects a mid-single digit percentage decline in sales and a mid-single digit percentage increase in operating earnings in the fourth quarter of 2020 relative to the same period in the prior year. Fourth quarter diluted earnings per share are expected to increase from the year-ago period by a mid-to-high single digit percentage on an as-reported basis.

Follow DiamondWorld on Instagram: @diamondworldnet
Follow DiamondWorld on Twitter: @diamondworldnet
Follow DiamondWorld on Facebook: @diamondworldnet
Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
*  Company:
 
*  Name:
 
*  Mobile:
 
*  Email:
 
 
Subscribe for DiamondWorld weekly Newsletter
 
Advertisement
HouseAd_Trade Fair
Search News by City
Advertisement
Kosher 23460
Advertisement
Kosher 23460
Recent Issue
2020
AVAILABLE NOW...!
Advertisement
Kosher 23460
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 27552
Diamond World Expert Hour with Evgeny Agureev, Deputy CEO, ALROSA
Views: 2271
GJEPC Chairman Interview
Views: 24403
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 31912
Promo for IJ Awards 2012 at NDTV Profit
Views: 46156
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 58393
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 18785
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 44868
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 43082
Advertisement
GIA_2020
Advertisement
DW News App
Member of:
Supporter of: