Tiffany Presents Its Preliminary Holiday Period Sales Results Worldwide Net Sales for the Holiday Period Reach Record High
Tiffany & Co. (NYSE: TIF) reported a 2% increase in preliminary worldwide net sales during the 2020 holiday period, compared to 2019, marking a record for the period. Key regions showed varied performance: Asia-Pacific surged by 20%, Japan by 8%, while the Americas and Europe declined by 5% and 8%, respectively. E-commerce experienced a remarkable 80% growth compared to last year. CEO Alessandro Bogliolo attributed the success to strategic sales initiatives and strong performance in the Chinese market.
- Preliminary worldwide net sales increased by 2% year-over-year.
- Record net sales for any holiday period in the company's history.
- Asia-Pacific sales rose by 20% compared to the previous year.
- E-commerce net sales increased by 80% year-over-year.
- Japan sales increased by 8% compared to the previous year.
- Americas sales decreased by 5% year-over-year.
- Europe sales declined by 8% compared to the previous year.
Tiffany & Co. (NYSE: TIF; the “Company”) today presented its preliminary sales results for the interim period from November 1, 2020 through December 31, 2020 (the “2020 holiday period”). For the 2020 holiday period, preliminary worldwide (unaudited) net sales increased approximately
Alessandro Bogliolo, Chief Executive Officer, said, “In the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multi-year sales strategies with respect to the Chinese Mainland (greater than
Mr. Bogliolo added, “This year has certainly stress tested the corporate strategies we set in 2017 to strengthen the Brand and win in the highly competitive global luxury jewelry market. I marvel at the dedication, agility and endurance of everyone at Tiffany who helped us to end the year in such a strong position and I want to thank each and every one of them for their exceptional focus, skill and professionalism.”
Roger Farah, Chairman of the Board of Tiffany & Co., speaking on behalf of the entire Board, said, “We are so proud of all the employees at Tiffany whose sound strategic decisions and collective actions allowed the Company to persevere in this challenging and ever-changing year and raise the standard of stewardship for a global luxury jeweler. We congratulate and thank Alessandro, for the remarkable achievement of elevating and modernizing the Brand over the past three years, and the extraordinary management team and all the employees for a job superbly done.”
The Company’s preliminary sales in its principal regions for the 2020 holiday period, as compared on a percentage basis to the same period in the prior year, were as follows:
|
Net Sales |
Constant-Exchange-Rate Basis (see “Non-GAAP Measures”) |
Worldwide |
|
—% |
Americas |
(5) |
(5) |
Asia-Pacific |
20 |
14 |
Japan |
8 |
3 |
Europe |
(8) |
(10) |
The Company’s preliminary comparable sales in its principal regions for the 2020 holiday period, as compared on a percentage basis to the same period in the prior year, were as follows:
|
Comparable Sales |
Comparable Sales on a Constant-Exchange-Rate Basis (see “Non-GAAP Measures”) |
Worldwide |
|
|
Americas |
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FAQ
What were Tiffany's preliminary sales results for the 2020 holiday period?
Tiffany reported a 2% increase in preliminary worldwide net sales for the 2020 holiday period.
How did Tiffany's sales perform in the Asia-Pacific region during the 2020 holiday period?
Sales in the Asia-Pacific region increased by 20% compared to the previous year.
What was the increase in Tiffany's e-commerce sales for the 2020 holiday period?
E-commerce sales increased by over 80% year-over-year.
What was the sales performance in the Americas for Tiffany during the 2020 holiday period?
Sales in the Americas decreased by 5% compared to the prior year.
How did Tiffany's sales compare in Japan for the 2020 holiday period?
Tiffany's sales in Japan increased by 8% year-over-year.
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