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The global fashion business journal

Sep 19, 20204:04am

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

The North American jewelry giant explained that the downfall is due to the impact of the currency exchange and the weakening in its international markets.  

Aug 28, 2019 — 4:31pm
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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. 

 

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