Coronavirus: Tiffany Shows Signs of Recovery

(IDEX Online) - Tiffany & Co has reported encouraging signs of a recovery, with a rise in monthly worldwide net sales from May to July, despite the COVID-19 pandemic.

Retail sales in mainland China picked up in April and increased about 90 per cent in May, said the luxury jeweler in an earnings statement, and online sales more than doubled.  

"Increased sales in mainland China and global e-commerce, accelerated during the second quarter and propelled our return to quarterly profitability," said CEO Alessandro Bogliolo.

"Importantly, our global sales trends have strengthened in August, with preliminary month-to-date worldwide sales through August 25 being slightly positive as compared to the same month-to-date period in the prior year."

Global net sales for the first half of 2020 were 37 per cent below the first half of the prior year to $1.3 billion (£970 million).

French luxury conglomerate LVMH announced last week that it had delayed its $16.2bn acquisition of Tiffany for three months until November.