Tiffany, a weak first half: drops its benefit 9% and sales 3%

Tiffany shrinks its results in the first half. The North American jewelry giant reduced its net benefit 9% in the first half compared to the same period last year. The company ended its second quarter with a net benefit of 261 million dollars, compared to the 287 million dollars, last year.

The group dropped its revenue 3%, that arrived at 2 billion dollars, compared to the 2.1 billion dollars in the first half of 2018.  On a comparable area, the drop was 4%. At constant exchange rates, it was 1% down.

By region, the earnings of Tiffany in the American continent dropped 5% in the first half of its fiscal year, up to 861 million dollars, mainly because of the weak spending of tourist. In Asia Pacific, the drop was 1%, up to 622 million dollars, and was a consequence of the exchange currencies and the Hong Kong crisis.

In Japan, sales of the group dropped 2%, up to 300 million dollars, while in Europe, the drop was 4%, up to 219 million dollars. During the first half of the year, the group opened three new establishments and has closed other two. At the end of the second quarter, Tiffany had a total of 322 stores, 124 of them in the American market, 90 in Asia Pacific, 56 in Japan, 47 in Europe and 5 in the United Arab Emirates.