Tiffany & Co. turned in a strong performance in November and December, setting a record for holiday net sales despite the pandemic.
The jeweler, whose acquisition by LVMH Moët Hennessy Louis Vuitton is due to close on Jan. 7, said its net sales rose approximately 2% in November and December from the year-ago period, according to preliminary results. Net sales in the Asia-Pacific region rose 20%, while Japan, which is accounted for separately, increased by 8%. Sales fell 5% in the Americas region and were down 8% in Europe.
“In the midst of a worldwide pandemic and its dynamic impacts, these all-time high preliminary holiday period sales results, which follow a strong third quarter, reflect the successful convergence of our multiyear sales strategies with respect to the Chinese mainland (greater than 50% increase from prior year), e-commerce (greater than 80 percent increase from prior year), increasing average unit retail prices and accelerating product innovations,” said Alessandro Bogliolo, CEO.
In the third quarter, Tiffany’s net earnings rose 52% to $119 million. Sales edged down 1% to $1 billion, but rose 1% in comparable, constant currency terms.
As of December 31, 2020, Tiffany operates 320 stores (122 in the Americas, 87 in Asia-Pacific, 59 in Japan, 47 in Europe and five in the UAE), versus 327 stores a year ago (125 in the Americas, 91 in Asia-Pacific, 58 in Japan, 48 in Europe and five in the UAE).