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    China Becomes "Savior" Tiffany'S Net Profit Soared 52% In The Third Quarter

    2020/11/25 16:57:00 61

    China Service

    After two quarters of falling net profit, Tiffany finally saw a big rise in the third quarter.

    On November 24, Tiffany released its financial results for the three months and the first nine months up to October 31, 2020. The data showed that global net sales were $1 billion, down 1% compared with the same period last year, and comparable sales increased by 3%; net profit was $119 million, an increase of 52% from $78 million in the same period last year, and diluted earnings per share was $0.98.

    Global e-commerce sales increased 92% in the third quarter compared with the same period last year and performed well in all markets, accounting for 12% of total net sales year to date.

    In the nine months from January 1 to September 30, 2020, Tiffany's global net sales fell 25% to $2.3 billion, a 22% drop in comparable sales. Compared with the same period last year, the sales volume decreased by 21%; the net profit was 86 million US dollars, which was 75% lower than 340 million US dollars in the same period of last year. The diluted net income per share was 0.71 US dollars, compared with 2.80 US dollars in the same period of last year.

    By Region:

    In the Americas, total sales fell 16% in the third quarter and 36% in the first three quarters to $354 million and $826 million, respectively. Comparable sales fell 15% in the third quarter and 35% year-on-year.

    In the Asia Pacific region, total sales increased by 30% in the third quarter, but decreased by 7% in the first three quarters to $382 million and $854 million, respectively. In the third quarter, comparable sales increased by 40% and comparable sales increased by 3%. Overall sales results for the third quarter reflected strong retail sales growth in mainland China and South Korea, but were partly offset by poor performance in other markets in the region, mainly due to more than 70% growth in China sales and a rebound in domestic demand.

    In Japan, total sales in the third quarter were $156 million and $353 million, respectively, down 8% and 25% from the same period last year. Comparable sales decreased by 4% and 23% respectively over the same period.

    In Europe, total sales fell 6% in the third quarter and 24% in the same period in the first three quarters, to $104 million and $249 million, respectively. Comparable sales fell by 6% in the third quarter and 25% in the first three quarters.

    Jewelry category sales in the third quarter and the first three quarters were as follows: jewelry collection increased by 7% and decreased by 21%; engagement jewelry decreased by 6% and 28%; customized jewelry decreased by 6% and 23%.

    As of October 31, 2020, Tiffany operates 320 stores (122 in the Americas, 87 in the Asia Pacific region, 59 in Japan, 47 in Europe, and 5 in the UAE). As of October 31, 2020, Tiffany has opened almost all or part of its retail stores around the world. However, as of November 20, about 60% of Tiffany's retail outlets in Europe have been temporarily closed.

    Chief executive Alessandro bogliolo said: "our strong third quarter sales on a relative basis and a substantial profit on an absolute basis fully demonstrate the enduring strength of the Tiffany brand and give us confidence to enter the important holiday season."

    Tiffany also puts forward its expectation for the fourth quarter of 2020, with total net sales falling by single digit compared with the same period of last year; the growth rate of operating income is as low as double digits compared with the same period of last year; and earnings per share after dilution increases by high single digit percentage compared with the same period of last year.

    At the beginning of September this year, LVMH group, a French luxury goods giant, announced to the outside world that it would give up buying Tiffany, a US jewelry brand. The result of the acquisition, which was widely concerned by the industry, went to court. After several twists and turns, it is reported that Tiffany has recently loosened up and agreed that LVMH will continue to complete the acquisition at a price of no less than 130 US dollars per share. The previous price was US $135 per share. LVMH said that it could accept the price and agreed not to make any further changes to the M & a agreement.

    Finally, where will the acquisition go?

    Website editor: Qin Jinmei

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