Why Tiffany’s Q3 Sales Missed Analysts’ Expectations
Tiffany (TIF) reported net sales of $1.0 billion, which was below analysts’ estimate of $1.1 billion but 3.7% higher on a YoY basis. New product launches, an expanded stores base, and higher spending by local customers supported the top-line growth rate. However, a decline in the expenditure by Chinese tourists in the Americas and Hong Kong remained a drag. Also, lower wholesale sales to Korean duty-free operators further lowered the top-line growth rate.