Tiffany net sales in the first quarter to April 30 amounted to $899.6 million in the period, which ended April 30. That missed the $914.4 million predicted by analysts. Same-store sales in all of its main markets were worse than analysts’ projections. In Americas, they dropped 4 percent, compared with an expected decline of 0.2 percent, while those in Asia fell 2 percent against a 1.4 percent gain.
The company maintained its forecast for the year, calling for sales to grow by a low single-digit percentage. Earnings are expected to climb by a mid-single-digit percentage over last year’s $3.75 a share, excluding some items.
In the fall, Tiffany plans to launch a luxury accessories collection as well as a new fragrance for women. The 180-year-old company hired designer Reed Krakoff as chief artistic officer earlier this year also to help reignite buzz and sales.
Tiffany store New York
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