Tiffany’s online sales grow slightly in Q1
May 26, 2016 02:42 PM
Online sales offered a small bright spot in an otherwise cloudy fiscal Q1 for Tiffany & Co.
E-commerce sales for Tiffany, No. 127 in the Internet Retailer 2016 Top 500 Guide, grew slightly year over year during the quarter, vice president of investor relations Mark Aaron told analysts on an earnings call Wednesday. But the jeweler did not break out online sales nor provide details on percentage growth. Total sales declined 7.4% for the quarter compared with the same period last year.
Tiffany began selling select collections through Net-a-Porter.com last month, the first time it has sold its merchandise through another online retailer. The move was designed to help expand Tiffany’s global reach: Net-a-Porter sells online in more than 170 countries compared to Tiffany’s 13. Net-a-Porter.com’s parent company, Yoox Net-a-Porter Group, is No. 27 in the 2016 Europe 500.
“We were pleased last month to launch Tiffany’s relationship with Net-A-Porter, which we view as another step toward building greater awareness among a worldwide group of fashion-conscious luxury shoppers,” Aaron told analysts on the call, according to a transcript from Seeking Alpha. “We continue to believe that our dual focus on stores and online reinforces global brand and product awareness while enhancing customers overall experiences with Tiffany.”
For the fiscal first quarter ended April 30, Tiffany reported:
- Net sales of $891.3 million, down 7.4% from $962.4 million last year.
- A comparable-store sales decline of 9%.
- Net earnings of $87.5 million, down 16.6% from $104.9 million last year.