Tiffany & Co. blamed weak demand in the US and Hong Kong as it revealed earnings fell 17 percent to $78 million in the quarter ended Oct. 31.
The 182-year-old jeweler — which last month agreed to sell itself for $16.2 billion to French luxury conglomerate LVMH — said worldwide net sales have dropped 2 percent to $3.1 billion year to date, with net sales in the Americas down 4 percent to $1.3 billion.
Net sales in the Asia-Pacific region were flat in the third quarter at $294 million. Tiffany says that figure reflects double-digit growth in mainland China and disruptions in Hong Kong, which has been roiled by protests for months.
“Our underlying business remains healthy,” Tiffany CEO Alessandro Bogliolo said in a statement.
The all-cash sale to LVMH is expected to close in the middle of next year.
Tiffany shares were trading down 0.06 percent at $133.64 as of 10 a.m. Thursday.
READ FROM SOURCE: https://nypost.com/2019/12/05/tiffanys-profits-slump-on-weak-demand-in-us-and-hong-kong/
