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Sales in stores opened at least one year ago decreased by 1% during the quarter. Tiffany said Friday in his financial results that he was not expecting an impending improvement.
The company has hinted that earnings in the first half of this year would be lower than in the same period in 2018 due to the appreciation of the US dollar, which hurt sales, and the continued decline in consumer spending. foreign tourists.
Tiffany's CEO, Alessandro Bogliolo, expressed hope that demand is picking up, suggesting that the problems in society were about macroeconomic issues and not about what society was doing wrong.
He attributed the "external difficulties and uncertainties" to the weakness of holiday sales, adding that he continued to "firmly believe that Tiffany was offering great opportunities for global growth".
To that end, Tiffany has done a lot better in Asia lately. The company said Friday its sales had increased 13 percent in Asia Pacific for the full year, thanks to steady demand in mainland China and South Korea. Sales in Japan also grew by almost 10% last year.
The company introduced a new line of HardWear jewelry, describing this thing as "something that captures the spirit and energy of New York City. Tiffany appealed to Lady Gaga to promote it.
But Tiffany's recent difficulties show that the company still has some way to go in its recovery efforts. And since Bogliolo took over, the title, despite having increased by more than 20% this year, is lagging behind the performance of the market and other retailers.
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