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Trump Protests Disrupt Tiffany Holiday Sales
Jan 17, 2017 9:36 AM
By Rapaport News
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RAPAPORT... Tiffany & Co reported holiday sales declined 4 percent to $483
million in the Americas amid weaker consumer spending and protests outside
the jeweler’s flagship New York store.
Comparable-store sales also fell 4 percent in the Americas during the two months that ended December 31, the retailer reported. U.S. sales retreated, with a
14-percent slump at Tiffany’s Fifth Avenue store as access was restricted
due to post-election demonstrations outside the neighboring Trump Tower.
Shares in Tiffany declined about 2.7 percent in early trading Tuesday as sales were lower than expected.
“These overall holiday period sales results were somewhat
lower than we had anticipated,” said Frederic Cumenal, Tiffany’s chief
executive officer. The retailer does not anticipate any “significant”
improvement this year to the macroeconomic challenges that the company faced in 2016, Cumenal added.
Even as U.S. sales were weaker, business improved in Asia
and the Far East. Total sales in the Asia-Pacific region jumped 7%
to $200 million, while revenue in Japan leapt 16 percent to $143 million.
European sales slid 10 percent to $119 million.
Overall group sales increased 0.5
percent to $966 million while comparable-store sales dipped 2 percent. The company maintained its sales guidance of a low
single-digit percentage decline in fiscal 2016.
Tiffany also said it hired Reed Krakoff for the new position
of chief artistic officer, effective February 1. Krakoff was most recently head
his own luxury fashion line, which bears his name.
Image: Newscast
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Tags:
americas, fifth avenue, Frederic Cumenal, holiday sales, holiday season, new york, Rapaport News, Reed Krakoff, retail, Tiffany, Tiffany & CO., Trump Tower
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