×
72 034
Fashion Jobs
BLOOMINGDALE'S
Asset Protection Detective, Part Time - ny 59th st
Permanent · New York
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time, Metro Pointe
Permanent · Costa Mesa
BLOOMINGDALE'S
Registry Consultant, Full Time, 59th Street
Permanent · New York
MICHAEL KORS
p/t Sales Supervisor, Ann Arbor Michigan
Permanent · Ann Arbor
UNDER ARMOUR
Stock Teammate, Part-Time 5am-10am Shift, $15 Per Hour
Permanent · LEHI
UNDER ARMOUR
Stock Teammate, Part-Time 5am-10am Shift, $15 Per Hour
Permanent · LUTZ
UNDER ARMOUR
Warehouse Administrator, Transportation Direct Ship (Mon-Fri 7:00am to 3:30pm $18.25)
Permanent · RIALTO
UNDER ARMOUR
Manager, Inventory Control And Quality Assurance (Night Shift) Tues-Fri 4pm to 2:30am $43.06
Permanent · RIALTO
UNDER ARMOUR
Manager, Inventory Control And Quality Assurance (Icqa)
Permanent · SPARROWS POINT
UNDER ARMOUR
Stock Teammate, Part-Time 4am-10am Shift, $15 Per Hour
Permanent · NORFOLK
ON RUNNING
Director, Internal & External Communications North America
Permanent · NEW YORK
UNDER ARMOUR
Stock Teammate, Part-Time 5am Shift, $15.25 Per Hour
Permanent · SACRAMENTO
UNDER ARMOUR
Operations Manager, Team Sales
Permanent · BALTIMORE
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Bloomie's
Permanent · FAIRFAX
BLOOMINGDALE'S
Asset Protection Supervisor, Full Time - Bloomie's Old Orchard
Permanent · SKOKIE
OLD NAVY
Assistant General Manager - Alameda so. Shore ct
Permanent · ALAMEDA
NEWELL
Manager, Human Resources
Permanent · PATASKALA
ECCO
Import Logistics Manager (Hybrid)
Permanent · LONDONDERRY
DECKERS
1st Shift Inventory Control Cycle Counter/Equipment Operator
Permanent · MORENO VALLEY
DECKERS
Stock Lead, Deckers Brands
Permanent · GOLETA
DECKERS
sr. Product Line Manager, Performance - Hoka
Permanent · PORTLAND
DECKERS
Retail Operations Coordinator
Permanent · GOLETA
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 2023 All rights reserved.