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Tiffany’s holiday sales sparkle on higher US, Europe, China spending

The American luxury jeweler said global sales rose 1% to 3% from Nov 1 through Christmas Eve compared with the same stretch a year earlier

Tiffany & Co. - Tiffany’s holiday sales sparkle on higher US, China spending
Audrey Hepburn reached the pinnacle of her career with "Breakfast at Tiffany's" and a cafe reservation at the jeweller's flagship Fifth Avenue store has become as desirable as one of Tiffany's heart tag charm bracelets

Tiffany & Co. (NYSE:TIF) said Thursday that overall sales during the holiday shopping season increased with the biggest contribution coming from China, Europe and a recovery in the Americas.

The American luxury jeweler said global sales rose about 1% to 3% from November 1 through Christmas Eve compared with the same stretch last year.

Mainland China drove the business during the holiday period, with Tiffany seeing a double-digit sales increase there, offset by declines in Hong Kong.

READ: Croissants for breakfast as Tiffany & Co. accepts LMVH takeover

Overall, sales in Tiffany’s Asia-Pacific region, which includes greater China, rose 7% to 9% after accounting for currency movements.

“We continued to see the Chinese Mainland drive our overall sales growth with a strong double-digit increase, offset by the persisting declines in the Hong Kong market and, to a lesser degree, Japan,” Tiffany CEO Alessandro Bogliolo said in a statement.

Tensions between pro-democracy protesters and police have risen of late in Hong Kong, after a period of relative calm. The protests flared up on Christmas Eve as police used tear gas and rubber bullets to try to disperse protesters who had gathered near the city’s harbor area.

In the Americas, Tiffany expects net sales growth of 2% to 4%.

“We are happy to see sales growth in the Americas, a momentum shift in the region,” said Bogliolo.

Meanwhile, Tiffany reported an impressive sales gain of 3% to 5% for the holiday period in Europe.

Tiffany was aided immeasurably as an iconic brand after Audrey Hepburn’s 1961 hit “Breakfast at Tiffany's, but has been struggling in recent years with falling sales and a strong US dollar.

Last month, Louis Vuitton owner French luxury group LVMH agreed to buy the the New York luxury jeweler for $16.2 billion (£12.63 billion) in a deal that could help boost its US business.

In the third quarter to end October, Tiffany's net earnings dropped to $78.4 million, or 65 cents per share, versus US$94.9 million, or 77 cents per share in the same period, a year ago.

Tiffany stock was flat at $133.58 in moning trade.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Quick facts: Tiffany & Co.

Price: 128.28 USD

NYSE:TIF
Market: NYSE
Market Cap: $15.55 billion
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