Tiffany: reveals 'strong' sales in midst of fight with LVMH
(CercleFinance.com) - Tiffany - which is in the midst of a legal battle with France's LVMH over their merger agreement - on Thursday reported "strong" sales for the months of August and September.
The New York-based jeweller released preliminary figures that showed worldwide net sales for the two-month period declined just "slightly" from the comparable period in 2019.
"Positive sales trends are continuing in October," the group added in its statement.
Operating earnings, inclusive of transaction-related expenses, increased approximately 25% from the comparable 2019 period, it said.
"While we still expect full-year results to be substantially impacted by COVID-19, we are very pleased with the way the business has rebounded following the first quarter," Chief Executive Officer Alessandro Bogliolo said.
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The New York-based jeweller released preliminary figures that showed worldwide net sales for the two-month period declined just "slightly" from the comparable period in 2019.
"Positive sales trends are continuing in October," the group added in its statement.
Operating earnings, inclusive of transaction-related expenses, increased approximately 25% from the comparable 2019 period, it said.
"While we still expect full-year results to be substantially impacted by COVID-19, we are very pleased with the way the business has rebounded following the first quarter," Chief Executive Officer Alessandro Bogliolo said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.