Tiffany's focus on the young pays off
Reuters - Aug 29th 2018, 09:51
Tiffany’s quarterly results topped Wall Street estimates on strong demand for its jewellery in the Americas and China, helping the upmarket retailer raise its full-year profit forecast.
Tiffany’s shares rose 4.3% to $135.37 in premarket trading after the company said it expected full-year earnings per share to be between $4.65 and $4.80, up from $4.50-$4.70.
Under CEO Alessandro Bogliolo, Tiffany has been reaping the benefits of a shift in focus to price-conscious younger clientele by selling low-end fashion jewellery and introducing high-end home items such as $350 gold crazy straws.
Net sales in the Americas, which accounts for nearly half of the company’s total sales, rose 8% to $475m.
Sales in Asia Pacific grew 28%, also helped by increased spending by foreign tourists in China.
Tiffany’s same-store sales rose 7% excluding the effect of exchange rate fluctuations.Business Live
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