Tiffany’s sales rose 9% to $1.33 billion in the fourth fiscal quarter, as Asian and US demand strengthened.
Sales jumped 13% year on year to $320 million in the Asia-Pacific region for the three months ending January 31, while revenue in the Americas increased 5% to $619 million, the company said Friday. However, worldwide comparable-store sales — those at branches open for at least a year — rose by just 1% at constant currency rates, missing analysts’ estimates of a 2.7% gain, according to Bloomberg.
“We will only be truly satisfied when we create greater excitement for our customers, and also generate growth that reflects the full potential of our brand,” said Tiffany CEO Alessandro Bogliolo.
Bogliolo, who joined Tiffany last year, is aiming to revitalize the luxury brand in an attempt to make it more attractive to millennials. To that end, he outlined several strategic priorities on which it intends to focus, including changes to its products, in-store presentation, and omni-channel customer experience. It also aims to increase its operational efficiency.
