Tiffany & Co. (NYSE: TIF; the “Company”) today presented its
preliminary sales results for the interim period from November 1,
2020 through December 31, 2020 (the “2020 holiday period”). For the
2020 holiday period, preliminary worldwide (unaudited) net sales
increased approximately 2% as compared to the same period in 2019,
resulting in record net sales for any holiday period in the
Company’s history.
Alessandro Bogliolo, Chief Executive Officer, said, “In the
midst of a worldwide pandemic and its dynamic impacts, these
all-time high preliminary holiday period sales results, which
follow a strong third quarter, reflect the successful convergence
of our multi-year sales strategies with respect to the Chinese
Mainland (greater than 50% increase from prior year), e-Commerce
(greater than 80% increase from prior year), increasing average
unit retail prices and accelerating product innovations. During
this period, we saw the Chinese Mainland market continue to drive
our overall sales growth with certain other Asia Pacific markets
also supporting the increase of approximately 20% for that region.
We were also happy to see that the positive sales momentum from the
third quarter continued through the 2020 holiday period for the
Americas and Japan, with Japan increasing approximately 8% from
prior year.”
Mr. Bogliolo added, “This year has certainly stress tested the
corporate strategies we set in 2017 to strengthen the Brand and win
in the highly competitive global luxury jewelry market. I marvel at
the dedication, agility and endurance of everyone at Tiffany who
helped us to end the year in such a strong position and I want to
thank each and every one of them for their exceptional focus, skill
and professionalism.”
Roger Farah, Chairman of the Board of Tiffany & Co.,
speaking on behalf of the entire Board, said, “We are so proud of
all the employees at Tiffany whose sound strategic decisions and
collective actions allowed the Company to persevere in this
challenging and ever-changing year and raise the standard of
stewardship for a global luxury jeweler. We congratulate and thank
Alessandro, for the remarkable achievement of elevating and
modernizing the Brand over the past three years, and the
extraordinary management team and all the employees for a job
superbly done.”
The Company’s preliminary sales in its principal regions for the
2020 holiday period, as compared on a percentage basis to the same
period in the prior year, were as follows:
Net Sales
Constant-Exchange-Rate Basis (see
“Non-GAAP Measures”)
Worldwide
2%
—%
Americas
(5)
(5)
Asia-Pacific
20
14
Japan
8
3
Europe
(8)
(10)
The Company’s preliminary comparable sales in its principal
regions for the 2020 holiday period, as compared on a percentage
basis to the same period in the prior year, were as follows:
Comparable Sales
Comparable Sales on a
Constant-Exchange-Rate Basis (see “Non-GAAP Measures”)
Worldwide
4%
2%
Americas
(4)
(3)
Asia-Pacific
27
20
Japan
10
5
Europe
(6)
(9)
At December 31, 2020, the Company operated 320 stores (122 in
the Americas, 87 in Asia-Pacific, 59 in Japan, 47 in Europe and
five in the UAE), versus 327 stores a year ago (125 in the
Americas, 91 in Asia-Pacific, 58 in Japan, 48 in Europe and five in
the UAE).
All sales information for the 2020 holiday period is preliminary
and unaudited, and is based on the information and data currently
available to the Company through its internal daily sales reporting
system and processes. The Company did not apply its standard
month-end financial closing procedures to this preliminary 2020
holiday period sales information, which include, but are not
limited to, reconciling data amongst the Company’s internal
reporting systems, recording necessary adjustments in those
systems, and management review of such data and adjustments.
Accordingly, actual sales information subjected to such financial
closing procedures could differ, possibly materially, from the
preliminary unaudited sales information set forth above. In order
to facilitate comparability between periods, the Company similarly
evaluated its sales results for the interim period from November 1,
2019 through December 31, 2019, which is also based on unaudited
information and data provided by its internal daily sales reporting
system and processes, and without application of its standard
month-end financial closing procedures for such period. Given the
preliminary and unaudited nature of the sales information presented
herein, you should not place undue reliance on the sales trends or
future performance reflected by such information.
About Tiffany & Co.
In 1837, Charles Lewis Tiffany founded his company in New York
City where his store was soon acclaimed as the palace of jewels for
its exceptional gemstones. Since then, TIFFANY & CO. has become
synonymous with elegance, innovative design, fine craftsmanship and
creative excellence. During the 20th century fame thrived worldwide
with store network expansion and continuous cultural relevance, as
exemplified by Truman Capote’s Breakfast at Tiffany’s and the film
starring Audrey Hepburn.
Today, with more than 14,000 employees, TIFFANY & CO. and
its subsidiaries design, manufacture and market jewelry, watches
and luxury accessories - including more than 5,000 skilled artisans
who cut diamonds and craft jewelry in the Company’s workshops,
realizing its commitment to superlative quality. TIFFANY & CO.
has a long-standing commitment to conducting its business
responsibly, sustaining the natural environment, prioritizing
diversity and inclusion, and positively impacting the communities
in which we operate.
Forward-Looking Statements
Certain statements in this communication may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and the Private Securities Litigation Reform Act of
1995, each as amended. Forward-looking statements provide current
expectations of future events and include any statement that does
not directly relate to any historical or current fact. Words such
as “anticipates,” “believes,” “expects,” “intends,” “plans,”
“projects,” “may,” “will,” or other similar expressions may
identify such forward-looking statements.
Forward-looking statements are not guarantees of future results
and are subject to risks and uncertainties. You should not place
undue reliance on such statements. Important factors, risks and
uncertainties that could impact these forward-looking statements
include such factors as are set forth in the Company’s periodic
public filings with the SEC, including but not limited to those
described under the headings “Risk Factors” and “Forward Looking
Statements” in the Company’s Form 10-Q for the fiscal quarter ended
October 31, 2020, its Form 10-K for the fiscal year ended January
31, 2020, and in its other filings made with the SEC from time to
time, which are available via the SEC’s website at www.sec.gov.
The Company does not undertake, and hereby disclaims, any
obligation, unless required to do so by applicable securities laws,
to update any forward-looking statements as a result of new
information, future events or other factors.
TIFFANY & CO. AND SUBSIDIARIES
(Unaudited)
NON-GAAP MEASURES
The Company reports information in accordance with U.S.
Generally Accepted Accounting Principles (“GAAP”). Internally,
management also monitors and measures its performance using certain
sales and earnings measures that include or exclude amounts, or are
subject to adjustments that have the effect of including or
excluding amounts, from the most directly comparable GAAP measure
(“non-GAAP financial measures”). The Company presents such non-GAAP
financial measures in reporting its financial results to provide
investors with useful supplemental information that will allow them
to evaluate the Company’s operating results using the same measures
that management uses to monitor and measure its performance. The
Company’s management does not, nor does it suggest that investors
should, consider non-GAAP financial measures in isolation from, or
as a substitute for, financial information prepared in accordance
with GAAP. These non-GAAP financial measures presented here may not
be comparable to similarly-titled measures used by other
companies.
Net Sales
The Company’s preliminary net sales reflect either a
translation-related benefit from strengthening foreign currencies
or a detriment from a strengthening U.S. dollar. Internally,
management monitors and measures its sales performance on a
non-GAAP basis that eliminates the positive or negative effects
that result from translating sales made outside the U.S. into U.S.
dollars (“constant-exchange-rate basis”). Sales on a
constant-exchange-rate basis are calculated by taking the current
period’s sales in local currencies and translating them into U.S.
dollars using the prior year’s foreign currency exchange rates.
Management believes this constant-exchange-rate basis provides a
useful supplemental basis for the assessment of sales performance
and of comparability between reporting periods. The following table
reconciles the sales percentage increases (decreases) from the GAAP
to the non-GAAP basis versus the previous year:
2020 Holiday Period vs. 2019
Holiday Period (Unaudited)
GAAP Reported
Translation Effect
Constant- Exchange- Rate
Basis
Net
Sales:
Worldwide
2%
2%
—%
Americas
(5)
—%
(5)
Asia-Pacific
20
6
14
Japan
8
5
3
Europe
(8)
2
(10)
Comparable
Sales:
Worldwide
4%
2%
2%
Americas
(4)
1
(3)
Asia-Pacific
27
7
20
Japan
10
5
5
Europe
(6)
3
(9)
TIF-E
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version on businesswire.com: https://www.businesswire.com/news/home/20210105005964/en/
Jason Wong (973) 254-7612 jason.wong@tiffany.com
Tiffany (NYSE:TIF)
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