News Formal

Tiffany shares climb as earnings beat outweighs slowdown in tourist spending

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 51%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

Tiffany attributed its weak revenue in the second quarter to a decrease in sales to international tourists in the US.

rose as much as 5% on Wednesday as the company's second-quarter earnings beat offset declining revenue due to a slowdown in tourist sales.

The luxury jeweler saw its global sales fall by 3% in the second quarter as international tourists decreased spending in the US amid a strong dollar. International shoppers are an important stream of revenue for Tiffany, particularly in the retailer's New York store.Watch Tiffany trade liveShares of Tiffany & Co. climbed as much as 5% on Wednesday as the retailer's better-than-expected earnings outweighed a declined in sales. Revenue fell due to a drop-off in demand for luxury jewelry among international tourists.$1.04 billion, compared to $1.

"Second quarter sales results were also impacted by a continued sharp decline in sales to both Chinese and all other tourists, which we believe lowers our reported sales by a couple of percentage points," Chief Executive Officer Alessandro Bogliolo said during the company's earnings call.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

They buy mass-manufactured cheap stuff from abroad and sell for outrageous prices

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US stocks rally on optimism for a US-China trade war thawMARKETS: Technology and communications companies led stocks broadly higher as cautious optimism about the potential for progress in the costly trade war between the U.S. and China put investors in a buying mood. Then our deranged “president” will say something tomorrow to make them tank again. Trump is gaslighting. Think the trade war’s costly, you should see the complacency bill.
Source: ABC - 🏆 471. / 51 Read more »

Tiffany sales fall on tourist spending drop in U.S., but earnings beat estimatesLuxury jeweler Tiffany & Co said on Wednesday declines in tourist spending in th... Chinese tourists not thrilled anymore by the US? $TIF FREE T SHIRT IS NOT HAPPY
Source: Reuters - 🏆 2. / 97 Read more »