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Weak US Spending Drags Down Tiffany Sales
May 24, 2017 10:01 AM
By Rapaport News
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RAPAPORT... Tiffany & Co’s share price slumped 9% Wednesday
after the retailer reported a dip in same-store sales for the first fiscal quarter.
The jeweler 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%.
Image: Newscast
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Tags:
americas, Asia-Pacific, China, Europe, Jewelry, Rapaport News, retail, Tiffany, Tiffany & CO., tourists, US retail
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