Tiffany & Co. report sparkling results for last quarter
Iconic jeweler Tiffany & Co. has reported unexpectedly high profit and sales figures for its second quarter of 2017. The company said that net sales rose 3% from the year-ago quarter to $959.7 million. This was a clear beat against analysts’ expectations of $930.3 million. Net income also rose to $115 million, up from $105.7 million in second quarter of 2016.
Tiffany & Co.’s share price has risen by 15% so far this year
Source: Yahoo Finance
While Tiffany’s largest market, the U.S., saw a slight decline (1%) in comparable sales, Japan, which makes up around 15% of the company’s business, performed strongly. Comparable sales in that country rose by 3%. Speaking about overall performance, the company’s Tiffany Hardware, Tiffany T, and 1837 collections all saw positive results, and its Elsa Peretti and Paloma Picasso lines experienced “strong broad-based growth.”
On a call with investors, the company’s vice president of investor relations, Mark Aaron, said:
“We remain determined to improve top line growth by pursuing several important strategies. One relates to an accelerated pace of product introductions in the future across all categories. Another is pursuing clienteling to more effectively engage with customers and deliver an enhanced Tiffany experience. We also believe that further optimizing the global distribution base through store openings, renovations, relocations and some select closings is important.”
Dominion holds Tiffany & Co. in its Global Trends Luxury Fund.
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