Tiffany & Co., one of the largest luxury jewelry retailers in the world, and Signet Jewelers, the world’s largest retailer of diamond jewelry, both reported significant declines in second-quarter sales.
Tiffany & Co.
The luxury retail jeweler said worldwide net sales for the second quarter fell 6 percent to $932 million and comparable store sales dropped 8 percent, year-over-year. Exchange rates seemed to have little effect on the global declines, with the exception of Japan. On a constant-exchange-rate basis, worldwide net sales and comparable store sales declined 6 percent and 9 percent, respectively.
Sales declines were reported throughout all of its regions, with the exception of Japan. The company, which operates 311 stores around the world, attributes the drop in sales to decreased activity from local customers and foreign tourists.