Luxury jewelry retailer Tiffany & Co TIF reported quarterly earnings of $1.03 per share, which beat the analyst consensus estimate of $1.02. This is a 9.65-percent decrease over earnings of $1.14 per share from the same period in 2018.
Tiffany’s reported quarterly sales of $1.003 billion missed the analyst consensus estimate of $1.02 billion. This is a 2.9-percent decrease over sales of $1.033 billion the same period in 2018.
Tiffany reported global gross retail square footage increase of 3 percent net with eight new store openings, six closings and 15 relocations. There is also an increase in tariffs on jewelry that the company exports from the U.S. to China from its current levels to a new level of 25 percent.
“Our first quarter results reflect significant foreign exchange headwinds and dramatically lower worldwide spending attributed to foreign tourists,” said CEO Alessandro Bogliolo. “That said, we were pleased that, at the core of our business, global sales attributed to local customers, led by sales in China, grew over last year’s very strong sales results. We believe this growth in sales to local customers reflects progress in executing our strategic priorities, including innovations across products, communications and the customer experience, and that Tiffany is positioned for improving trends in the second half of 2019."
Tiffany shares are down 2.8 percent at $87.65 Tuesday morning.
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