Tiffany Reports Flat Holiday DM Sales
Tiffany & Co. posted direct marketing sales of $69.9 million for the holiday period, roughly the same amount as the prior year.
At the same time, the New York Company reported worldwide sales of $867.3 million for the period between Nov. 1 and Dec. 3, an 8% increase over last year.
The jewelry marketer posted U.S. retail sales of $449.1 million for the period, a 4% increase over the prior year. Despite the gain, Tiffany’s said the number of transactions dropped although spending per transaction increased over last year.
“”Tiffany’s holiday sales results were mixed but we still expect to achieve strong earnings growth in the fourth quarter ending Jan. 31,” said CEO Michael J. Kowalski, in a statement. “We believe a recent pullback in U.S. spending likely reflected a more cautious attitude among customers about the near-term direction of the economy.”
