Tiffany’s Second Quarter & Half Year Results Negatively Impacted by Current Scenario
Tiffany & Co. reporting its financial results for the three months (second quarter/Q2) and six months (first half/H1) ended July 31, 2019 reported that worldwide net sales for both periods were lower on a reported basis. In the second quarter, Tiffany’s worldwide net sales declined by 3% to touch US$1.0 billion and comparable sales declined 4%. On a constant-exchange-rate basis, net sales declined 1% y-o-y, and comparable sales declined 3%. In the first half, the Company’s worldwide net sales also declined by 3% to US$2.1 billion and comparable sales declined 4%. On a constant-exchange-rate basis, net sales were lower by 1% y-o-y and comparable sales declined 2%. “Net earnings also declined in both periods, reflecting lower operating margins, a higher effective income tax rate for the second quarter and a lower effective income tax rate for the first half, in each case, as compared to the prior year,” Tiffany stated. Second quarter net earnings of US$136 m...
