Tiffany drops 31%

Watches & Jewellery

Net earnings at Tiffany fell by 31.4 per cent to $56.7m in the second quarter, compared with $82.6m over the same period a year ago.

Revenues were down by 16 per cent to $612.5m in the second three months of the year, while same-store sales – the preferred metric for retailers – were off by 17 per cent. Sales in the US have been hit the hardest, plunging by 25 per cent, while those in Europe and Asia were off by just 4 per cent and 1 per cent, respectively.

The results were better than Wall Street analysts expected and Tiffany lifted its outlook for the rest of the year.