Lower spending by Chinese tourists at Tiffany stores in the United States and Hong Kong put a dent in the jeweler’s third quarter results despite higher spending by locals.
Tiffany & Co. reported Wednesday the 28th that for the third quarter ended Oct. 31, same-store sales in the Americas rose 5 percent over last year and are up 7 percent year-to-date.
Net sales are up 5 percent (6 percent on a constant-exchange-rate basis) year-over-year to $442 million. Year-to-date, net sales in the region have risen 7 percent to $1.3 billion.
Worldwide, Tiffany saw same-store sales increase 2 percent (3 percent on a constant-exchange-rate basis) year-over-year in the quarter and net sales climb 4 percent (5 percent on a constant-exchange-rate basis) to $1.0 billion.
Year-to-date, net sales are up 9 percent and same-store sales have risen 6 percent on a constant-exchange-rate basis.
Product-wise, sales of jewelry collections—items like Tiffany T, Return to Tiffany and the new Paper Flowers collection—were stronger than any other category, rising 8 percent year-over-year in the third quarter. They are up 15 percent year-to-date.
Sales of design jewelry (Elsa Peretti, Paloma Picasso, etc.), meanwhile, fell 8 percent in the period but are up 3 percent year-to-date.
Engagement jewelry sales rose 2 percent in the third quarter and have increased 7 percent year-to-date.
