×
25 287
Fashion Jobs
ROSS STORES
Store Protection Specialist
Permanent · La Habra
L BRANDS
Asset Protection Officer, Morse rd (2nd Shift 3pm - 11pm)
Permanent · Columbus
BATH & BODY WORKS
sr. Manager, Carrier Strategy
Permanent · Columbus
VICTORIA'S SECRET
Brand Operations Manager-Crystal Mall
Permanent · Waterford
L BRANDS
Asset Protection Officer, Morse Crossing - 3rd Shift (11pm-7am)
Permanent · Columbus
VICTORIA'S SECRET
Brand Operations Manager-Coconut Point
Permanent · Estero
BATH & BODY WORKS
District Manager - Bath & Body Works - North Austin - Austin, tx
Permanent · Waco
VICTORIA'S SECRET
Brand Operations Manager-Valley West
Permanent · West Des Moines
L BRANDS
Asset Protection Officer, Broad st -1st Shift 7am-3pm
Permanent · Reynoldsburg
L BRANDS
Asset Protection Officer, New York City
Permanent · New York
BATH & BODY WORKS
Senior HR Generalist - Home Office
Permanent · Reynoldsburg
VICTORIA'S SECRET
Brand Operations Manager-White Marsh
Permanent · Baltimore
VICTORIA'S SECRET
Asset Protection Investigator, Victoria's Secret (Southland Mall - Hayward, ca)
Permanent · Sacramento
PINK
Brand Operations Manager-Solano
Permanent · Fairfield
VICTORIA'S SECRET
Product Owner
Permanent · Reynoldsburg
ESTÉE LAUDER COMPANIES
Manager, Creative Operations, Creative Content Hub, North America
Permanent · New York
ESTÉE LAUDER
Director, Ecommerce, North America - dr.Jart+
Permanent · New York
JCPENNEY
Product Manager - Site Management Tools & Cms
Permanent · Plano
JCPENNEY
Financial Planning Senior Analyst - Stores Finance
Permanent · Plano
JCPENNEY
Central Investigations, Crisis Response / Remote Monitoring Technician - Asset Protection
Permanent · Plano
FOOT LOCKER
Senior Product Manager (Membership)
Permanent · Chicago
FOOT LOCKER
Security Guard
Permanent · New York
By
Reuters
Published
Dec 6, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tiffany Q3 profit misses on slow Americas, Hong Kong demand

By
Reuters
Published
Dec 6, 2019

Luxury jeweler Tiffany & Co, which is being bought by France's LVMH, missed market expectations for quarterly profit and sales on Thursday, hit by lower spending by foreign tourists in the United States and Hong Kong.


Net sales were largely flat at $1.01 billion, while the average analyst estimate was $1.03 billion - Tiffany.com


The jeweler has been struggling to lure price-conscious millennials who have been preferring lower-priced competitors including Denmark’s Pandora and Signet Jewelers.

Slowing growth in China, mainly due to its prolonged trade war with the United States and a stronger dollar, has also impacted sales for Tiffany, which relies on tourists from the world’s second largest economy.

Net sales in the Americas fell 4% in the third quarter. In the Asia-Pacific region, sales did not grow despite a double-digit growth in mainland China because of business disruptions in Hong Kong.

The company said lower spending by foreign tourists in Hong Kong, where sales plunged 49%, offset increased demand by locals.

Overall same-store sales, excluding the effects of currency fluctuations, rose 1% in the quarter, but missed analysts’ average estimate of a 1.44% increase, according to IBES data from Refinitiv.

“Tiffany has significant potential, but it is still coming short of unlocking it. We see the LVMH acquisition with favor,” Bernstein analyst Luca Solca said.

French luxury goods maker LVMH has agreed to buy Tiffany for $16.2 billion, a deal that could help the U.S. jeweler, whose dated collections has hit demand and forced it to launch more affordable pendants and earrings.

Tiffany’s net earnings fell to $78.4 million, or 65 cents per share, in the quarter ended Oct. 31, from $94.9 million, or 77 cents per share, a year earlier. Wall Street had expected it to earn 85 cents per share.

Net sales were largely flat at $1.01 billion, while the average analyst estimate was $1.03 billion.

Shares of the company, which have risen about 66% this year, were down marginally at $133.55.

© Thomson Reuters 2021 All rights reserved.