thejewelrymagazine– New York-based upmarket jeweller Tiffany & Co. said its net earnings for the three months that ended 31st October, 2020, increased 52% to $119 million owing to strong retail sales growth in China and Korea, as well as a near doubling of e-commerce sales.
Worldwide net sales returned to the billion-dollar level ($1.0 billion) and represented a decrease of 1% as compared to the prior year, Tiffany said. Sales in Mainland China grew dramatically in the third quarter, increasing by over 70%, with comparable sales nearly doubling in that period versus the prior year.
E-commerce sales finished the third quarter up 92% globally as compared to the prior year, performing positively in all markets, Tiffany informed.
Alessandro Bogliolo, Chief Executive Officer, Tiffany & Co., said, “We believe that the results we released today demonstrate that our strong continuing execution against the strategic priorities we set three years ago positions us to achieve sustainable sales, margin and earnings growth for this legendary brand.
“Finally, we saw an increase in another important metric – average unit retail price – in the third quarter in response to our strategic initiatives designed to focus consumers on our finest products, both online and in our stores. Absolutely noteworthy is the performance of T1, our newest gold and gold with diamonds collection, which was received particularly well in all markets and channels.”
In the Americas, total sales decreased 16% in the third quarter and 36% in the year-to-date, to $354 million and $826 million, respectively. In Europe, total sales declined 6% in the third quarter and 24% in the year-to-date to $104 million and $249 million, respectively.
In Asia-Pacific, total sales grew by 30% in the third quarter and decreased 7% in the year-to-date to $382 million and $854 million, respectively. In Japan, total sales decreased 8% in the third quarter and 25% in the year-to-date to $156 million and $353 million, respectively.