Due to Tiffany & Co’s online sales and diamond wholesale, the company’s global revenue increased during the second quarter and first half of 2017. Global net sales rose 3 per cent, with a 2 per cent increase for the beginning of 2017 in comparison to last year.
However, the second quarter and the first half saw a decrease in same-store sales, declining 2 per cent. Similarly, in the Asia-Pacific region, sales increased by 2 and 5 per cent compared to last year, but declined in same-store sales by 7 to 5 per cent.
According to Tiffany & Co’s financial statement, the rise in sales is owed to diamond wholesale, e-commerice growth, and fashion trends.
“Management noted an increase in wholesale sales of diamonds, increased wholesale sales in the Asia-Pacific region and strong e-commerce sales growth,” says the statement. “Overall, growth in fashion and designer jewellery sales contrasted with softness in other jewellery categories.”
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
