The jewellery company has released results for the first three months of the year (Q1), ended 30 April, which show total sales of US$238 million (AU$329.5 m) in the Asia-Pacific region. This figure represented an 8 per cent decline compared with the same time last year and a 15 per cent drop in same-store sales over the corresponding period.
Tiffany & Co did not fare much better elsewhere as net global sales decreased 7 per cent to US$891.3 m (AU$1.2 b) in Q1 2016, while same-store sales were down 9 per cent.
Revenue slid in nearly every operating region; the Americas recorded a 9 per cent fall in revenue compared with last year and Europe also reported a 9 per cent drop.
The only region to buck the trend was Japan, which achieved an 8 per cent rise, while combined sales in all other operating regions decreased 30 per cent.
According to a company statement, declining sales were attributed to continued “softness” in spending by local customers and foreign tourists and the results were in line with expectations.
“As expected, this was a difficult quarter in terms of both sales and earnings growth,” CEO Frederic Cumenal said.
“We faced numerous challenges, including continued pressure from foreign tourist spending in Europe, the US and Asia, particularly in Hong Kong.
“However, we are continuing to take actions that are intended to strengthen sales growth with local customers in the US and around the world.”
As at 30 April, Tiffany & Co operated 308 stores – 81 in the Asia-Pacific region, 124 in the Americas, 55 in Japan, 43 in Europe and five in the United Arab Emirates.
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