Tiffany sales drop 45% to $556M in Q1

Tuesday, 09. June 2020 13:23

Tiffany & Co. announced on Tuesday that its net sales in the first quarter of 2020 plunged 45% year on year to $556 million as a result of the coronavirus pandemic.

The jeweler's net loss in the three-month period stood at $65 million, compared to a net income of $125 million achieved in the first quarter a year earlier. Net loss per share was $0.53.

CEO Alessandro Bogliolo stated the company expects the COVID-19 pandemic to negatively affect its full-year results but stressed that "strategic decisions we took to focus on our Mainland China domestic business, global e-commerce, and new product innovation are paying off." Bogliolo also noted that its planned merger with LVMH received approval from Russian and Mexican antitrust authorities.

Related Links: LVMH Moët Hennessy Louis Vuitton SETiffany & Co
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Breaking the News / NP