Tiffany gets more than 30 percent of sales from jewelry costing less than $500, such as sterling silver heart pendants. In the first quarter, Tiffany sold fewer silver items. Tiffany,the queen of the jewelry,known to the world with the diamond and the silver products,tiffany & Co was founded in 1837.
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In the Americas, sales advanced 6 percent, helped in part by much brisker business at its flagship Fifth Avenue store in Manhattan, where sales fell last year. The store generates about one-twelfth of companywide revenue.
In China, where Tiffany is opening four new stores this year and will have 26 by year end, sales growth contributed to a 14 percent gain for the Asia business.
In Japan,tiffany jewelry outlet its second biggest market, sales were up 2 percent, and would have jumped 20 percent, if not for the impact of the yen's depreciation. Demand for expensive jewelry was a standout and the company credited government efforts to spur consumption.
For the quarter ended April 30, Tiffany reported that overall revenue rose 9.3 percent to $895.4 million, well above Wall Street expectations of $855.1 million, according to Thomson Reuters I/B/E/S.In China, where Tiffany is pushing expansion, sales growth bolstered a 14 percent gain for the Asia business. In Japan, Tiffany’s second biggest market, sales rose 2 percent, and would have been up 20 percent, if not for the impact of yen’s depreciation.
In the Americas, sales advanced 6 percent, helped in part by much brisker business at its Fifth Avenue flagship store in Manhattan, where sales fell last year. The store generates about one-twelfth of companywide revenue.
Tiffany also designed jewelry for the Hollywood hit “The Great Gatsby,” a tie-in the attracted a lot of attention.
Still, the jeweler kept to its earlier profit forecast, pointing to lingering softness in the Americas and the impact of yen’s depreciation.