Tiffany Reports "Terrific Results" Despite PandemicNovember 25, 20
(IDEX Online) - Tiffany & Co reported a 52 per cent increase in Q3 net earnings to $119m, proving it could weather the Covid storm, and that it could defy LVMH claims that it had been mismanaged during the pandemic.
Sales in China soared by 70 per cent and e-commerce doubled to 12 per cent of total net sales.
Total worldwide net sales returned to the billion dollar level, down just one per cent year-on-year despite then pandemic.
The New York jeweler is currently being by bought by the French luxury conglomerate LVMH in a high-profile "on-off-on-again" deal that is now worth $15.8bn.
Both sides launched legal actions each other, with LVMH alleging in September that Tiffany had been so badly mismanaged that it was entitled to walk away from the deal. Differences have since been settled and the acquisition is now due to go ahead again.
Alessandro Bogliolo, Tiffany's CEO, commenting on the Q3 results, said: "We had a strong third quarter both in sales on a relative basis and terrific results in profitability on an absolute basis, which speaks volumes about the enduring strength of the Tiffany brand."
"We look forward to surprising and delighting our consumers during the holiday season and the successful completion of the merger transaction with LVMH in early 2021."