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Tiffany upbeat on long-term growth prospects

4 December 2018


Diamond earrings by Tiffany

 

Diamond jeweller Tiffany & Co said stronger consumer spending boosted its third-quarter sales across major markets, with China contributing significantly to the company’s performance.

Global net sales in the third quarter rose 4 percent to US$1 billion, reflecting growth in all regions and in most product categories. For the nine months ending October 31, worldwide net sales were up 10 percent to US$3.1 billion due to increased sales in all regions and product categories.

Alessandro Bogliolo, CEO of Tiffany, commented, “It is worth noting that in the third quarter our sales attributed to local customers continued to grow at a strong rate worldwide and were positive in every region, with particularly strong growth in China. Jewellery volumes also increased in the quarter and year to date. This resulted in mid-single-digit net sales growth in the quarter and even higher growth year-to-date, despite lower-than-expected spending in the third quarter attributed to Chinese tourists in the US and Hong Kong and lower wholesale travel-retail sales in Korea.”

The company official added that full year outlook remains unchanged. “We believe we have substantial growth opportunities to pursue as a geographically diversified luxury brand and are not distracted by external factors such as the negative effects of a strong US dollar or fluctuations in tourist spending. Our teams are truly excited about the activities planned for the holiday season and are deeply committed to achieving the long-term growth potential of this legendary brand.”