In the recent time, Tiffany & Co. reported quarterly proceeds that easily surpassed analysts’ anticipations, but revenue declined shortly as protests in Hong Kong interrupted the luxury jeweler’s sales, and travelers spent less in the U.S. It also sustained its earlier lowered prospect for the full year. The shares were down by over 1.5% in the early trading after firstly spiking more than by 5% on the news. For its fiscal second quarter ended in July 2019, compared to analysts’ expectations, the company posted earnings per share as $1.12 versus $1.04 anticipated. The revenue reported was $1.05 Billion versus $1.06 Billion projected. The global same-store sales were down by 4% versus a decline of 1.3% expected.
In a statement, CEO Alessandro Bogliolo stated, “With the strong comparison to last year’s robust performance in the first half and despite the currency exchange rate pressures, the tailwinds of weak demand from overseas tourists, and constant business disruptions across Hong Kong, we are dynamically managing what is under our control and tracking our brand to win.” The continuous months-long protests in Hong Kong crippled the Asian financial hub and sparked concerns of financiers. An extended pro-democracy movement has escalated more recently, with some locals demanding complete autonomy from Beijing.
Lately, Tiffany was in news for launching men’s jewelry collection to attract more customers. Tiffany is expecting to diversify its traditional consumer base by releasing its first comprehensive collection of jewelry for men in October. The line was announced in the recent time and is a part of Tiffany’s tactic to lure younger shoppers and accelerate sales, which have been diminished owing to a decline in spending by foreign tourists from China and elsewhere. The latest men’s collection comprises of 100 designs ranging in price from around $200–$15,000 for jewelry. It also plans to sell home furnishings and accessories such as ice tongs, cocktail shakers, and beer mugs for men.