Direct marketing sales growth outstripped total revenue gains for Tiffany & Co. in the second quarter.
The New York-based jewelry and specialty retailer reported second quarter net sales of $574.9 million, up from $526.7 million a year ago — a 9% increase. But direct marketing sales jumped 18%, to $35.7 million, during the same period.
Tiffany’s year-over-year net earnings dropped, from $50.6 million a year ago to $41.1 million. The quarter ended July 31.
During the first half of Tiffany’s financial year, its net sales rose from $1.04 billion to $1.11 billion. But its net earnings slipped from $90.6 million to $84.3 million. Direct marketing sales rose 11%, to $65.7 million.
Tiffany’s attributed the growth in its DM sales to both an increase in the total number of orders and average order value.
Network
