Tiffany’s net sales reach record, thanks to China, online sales

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Tiffany & Co. said late Tuesday its holiday net sales reached a record high, up 2% thanks in large part to sales in China and online transactions. Americas net sales from Nov. 1 through Dec. 31 fell 5% and sales in Europe fell 8%, Tiffany said, while sales in Asia Pacific and Japan rose 20% and 8%, respectively. “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 multi-year sales strategies with respect to the Chinese mainland (greater than 50% increase from prior year), e-commerce (greater than 80% increase from prior year), increasing average unit retail prices and accelerating product innovations,” Chief Executive Alessandro Bogliolo said in a statement. Shares of Tiffany were flat in the extended session Tuesday, and have lost 2% in the past 12 months, contrasting with gains around 15% for the S&P 500 index. The company said the sales data was preliminary and it did not provide dollar figures.
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