299
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
By
Reuters API
Published
Aug 27, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

Tiffany beats profit estimates, signals recovery after pandemic blow

By
Reuters API
Published
Aug 27, 2020

Tiffany & Co, which this week delayed the close of its $16.2 billion sale to France’s LVMH, on Thursday reported an uptick in sales due to a recovery in China and online demand.


Reuters



The U.S. jeweler said worldwide sales in August so far were slightly higher than a year earlier, as the rebound in second-quarter revenues in China extended into the current quarter.

“Increased sales in mainland China and global e-commerce accelerated during the second quarter and propelled our return to quarterly profitability,” Chief Executive Alessandro Bogliolo said in a statement.

Retail sales in mainland China began to improve in April and picked up momentum in May, during which they increased about 90%, Tiffany said.

“Q2 results lead us to believe that Tiffany is well-positioned to participate in China’s luxury rebound, which is seeing a substitution effect to domestic demand on travel restrictions and is better positioned for a V-shaped recovery than the U.S.,” said CFRA analyst Camilla Yanushevsky.

Excluding items, the company earned 32 cents per share compared to analysts’ average estimate of 19 cents, according to IBES Refinitiv data.

Earlier this week Tiffany and LVMH, the world’s largest luxury group, pushed back by three months the deadline to complete their tie-up as they sought regulatory approvals delayed by the pandemic.

LVMH agreed last year to buy Tiffany in its biggest ever acquisition, betting it could restore the U.S. jeweler’s luster by investing in spruced-up stores and new collections.

Tiffany also said on Thursday it had enough cash on hand to support the company’s liquidity and capital requirements for the foreseeable future, and that it was in compliance with all debt covenants as of July 31.

“Merger is all that matters ... China strength coupled with ROW (rest of the world) improvement and covenant compliance shows things are moving in the right direction here for the deal with LVMH,” Jefferies analyst Randal Konik said.

Globally the retailer’s e-commerce business was up 123%, with key markets such as the United States and the United Kingdom up 122% and 93%, respectively, during the second quarter.

This surge in online sales helped Tiffany offset some of the major losses incurred when it was forced to shut the bulk of its 300 stores across the globe for months to curb the spread of the virus.

Based in New York and best known for its diamond engagement rings, Tiffany faces further headwinds as the health emergency has plunged major economies into recession and brought international tourism to a screeching halt.

Tiffany’s net earnings fell to $31.9 million in the three months ended July 31, from $136.3 million a year earlier.

Worldwide sales fell 29% to $747.1 million, missing expectations of $772 million.
The company’s shares were up 1.7% in premarket trade.

© Thomson Reuters 2024 All rights reserved.