New York: Tiffany & Co.’s share price slumped 6% in early trading Wednesday as the retailer reported a dip in same-store sales for the first fiscal quarter.
The jeweller announced a 3% drop in comparable-store sales — a sum that doesn’t include revenue from recently opened shops. Much of that was due to weaker spending in the Americas, where same-store sales slowed 4%.
“Sales results were geographically mixed across the [Americas] region, and management attributed the overall sales declines to lower spending by both foreign tourists and local customers,” the company said.
The downturn came even as total revenue crept up 1% to $899.6 million during the quarter, which ended April 30, and net profit grew 6% to $92.9 million.
Meanwhile, Asia-Pacific comparable sales fell 3% as growth in mainland China failed to compensate for weakness in other markets. In Japan, they declined 1%, while European same-store sales slipped 3%.
