The U.S. jewelry maker said Tuesday in an earnings release that its same-store sales were down about 44% in the fiscal first quarter, but said demand has picked up again in China.
The U.S. jewelry maker said Tuesday in an earnings release that its same-store sales were down about 44% in the fiscal first quarter as the pandemic shuttered shopping malls and stores across the globe. Yet CEO Alessandro Bogliolo pointed to China as "indicative that a robust recovery is underway."Revenue: $555.5 million
Tiffany's swung to a net loss of $64.6 million, or 53 cents a share, from earnings of $125 million, or $1.03 a share, a year ago.Analysts surveyed by Refinitiv were expecting Tiffany to earn 3 cents a share on sales of $701 million, but the coronavirus pandemic has made comparisons with estimates difficult to make.
In China, same-store sales were down about 85% and 15% during the first and second months of the quarter, but have picked up again in April and May. He said sales jumped by 30% during April and about 90% in May, compared to the same period a year prior.
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