Tiffany: weak tourist demand means mixed quarter
(CercleFinance.com) - US upmarket jeweler Tiffany said its second quarter results were "mixed," with sales coming in below, although net earnings above, its expectations.
The retailer said its worldwide net sales declined 3% to 1 billion dollars, with comparable sales down 4%.
Net earnings of 136 million dollars were 6% lower than last year's 145 million dollars.
Tiffany said it suffered from headwinds of weak demand from foreign tourists, exchange rate pressures and continuing business disruptions in Hong Kong.
Yet, the company maintained its guidance for fiscal 2019, including worldwide net sales increasing in a low-single-digit percentage year-on-year and net earnings per share increasing by a low-to-mid-single-digit percentage relative to last year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The retailer said its worldwide net sales declined 3% to 1 billion dollars, with comparable sales down 4%.
Net earnings of 136 million dollars were 6% lower than last year's 145 million dollars.
Tiffany said it suffered from headwinds of weak demand from foreign tourists, exchange rate pressures and continuing business disruptions in Hong Kong.
Yet, the company maintained its guidance for fiscal 2019, including worldwide net sales increasing in a low-single-digit percentage year-on-year and net earnings per share increasing by a low-to-mid-single-digit percentage relative to last year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.