Worldwide Holiday Sales Increase at Tiffany
Tiffany & Co presented its preliminary sales results for the interim period from November 1, 2019 through December 24, 2019. Worldwide (unaudited) net sales for the 2019 interim holiday period increased approximately 1 - 3% as compared to the same period in 2018.
Alessandro Bogliolo, Chief Executive Officer, said, “We are pleased to present our interim sales results for this important season, which reflect improved global trends compared to previous quarters this year. During this period, we continued to see the Chinese Mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan - which we believe, continues to be negatively impacted by the recent increase in the consumption tax. We are happy to see sales growth in the Americas, a momentum shift in the region.”
Mr. Bogliolo added, “During this period, we have continued to make enhancements to our global store network. We completed the enlargement of our flagship store in Shanghai, now the largest Tiffany store in Asia, in a prominent street-facing location within the Hong Kong Plaza mall.
At this location, we also just celebrated the opening of the first Tiffany Blue Box Café on the Chinese Mainland. Our London flagship store on Old Bond Street was renovated. Additionally, we opened our third store in Kyoto, Japan and our newest one in the U.S., at Hudson Yards, our fifth store in New York City.
“Our iconic flagship store on Fifth Avenue in New York City has remained open throughout the 2019 interim holiday period. The flagship store will close in mid-January 2020, at which time we will begin its complete renovation and temporarily move our operations to the Tiffany Flagship Next Door at 6 East 57th Street.
We have received an enthusiastic reaction from customers to this new space with our interactive men’s pop-up store and the extraordinary Very, Very Tiffany Holiday gift items presented there this month. Now we are eager for our customers to experience our full product range - including high jewelry - in the new space, while we start working to transform our iconic building into its future form.”
