Tiffany & Co. has reported a rise in same-store sales of 4 per cent due to a strong demand in North and South America. As a result of this, the luxury jeweller’s shares rose 5.3 per cent and hit a record high of $108.50.
Sales for the Americas rose by 10 per cent to hit $459 million in the third quarter that ended on October 31.
“I think the marketing, the better in-store execution and the new product lines are what’s really driving the U.S. business,” Edward Jones analyst Brian Yarbrough told Reuters.
The company has reported a high demand for its new collections like Atlas and Tiffany T, which is a line of fashion jewellery that was created by design director Francesca Amfitheatrof and ranges from $350 to $20,000. CJ
