Retailers

Tiffany and Co reports 1-3% increase in sales during holiday period

Tiffany and Co reported a 1-3% increase in sales throughout the festive period compared with the same period in 2018.

During the period from 1 November to 24 December, the European arm of the luxury company reported a 4-6% rise in sales. Sales in the American region increased by 7-9% whilst Japan’s sales increased by 11-13%.

The retailer also opened six stores worldwide in the period, resulting in 327 stores worldwide compared to 321 in the previous year.

Commenting on the results, CEO of Tiffany and Co, Alessandro Bogliolo said: “We are pleased to present our interim sales results for this important season, which reflects 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 decline 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.” 

He added: “We are happy to see sales growth in the Americas, a momentum shift in the region.”

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