Tiffany & Co. reported a 29% drop to $747 million in worldwide net sales year-on-year in the second fiscal quarter, reflecting the impact of the pandemic on business in the US, the company’s press statement revealed. Worldwide net sales in the first half were 37% below the first half of the prior year. However, sales have been positive in August to the pre-pandemic levels.
Alessandro Bogliolo, Chief Executive Officer, Tiffany, said that increased retail sales in Mainland China and global e-commerce accelerated during April and May and continued throughout the balance of the second quarter of the fiscal year. He noted, “We were excited to see that the encouraging trends we cited for the first quarter, namely, increased sales in Mainland China and global e-commerce, accelerated during the second quarter and propelled our return to quarterly profitability.”
E-commerce sales were up 123% year-on-year, accounting for 15% of group sales during the first half of the fiscal year, versus 6% in each of the last three full fiscal years.
Total net sales in the Americas dipped 46% in the second quarter and 45% in the first half, to $247 million and $472 million, respectively. In Asia-Pacific, total net sales were flat in Q2 and decreased 24% in the first half, to $299 million and $473 million, respectively.