Luxury jeweler Tiffany & Co , which is being bought by Louis Vuitton owner LVMH ...
Net sales in the Americas fell 4% in the third quarter, mainly dented by lower spending by foreign tourists, while sales in the Asia-Pacific region were flat, hurt by business disruptions in Hong Kong, where sales fell 49%.
Despite double-digit growth in Mainland China, overall same-store sales, excluding the effects of currency exchange rates, were up 1% in the quarter, missing analysts’ average estimate of a 1.44% increase, according to IBES data from Refinitiv. Late last month, French luxury goods maker LVMH agreed to buy Tiffany for $16.2 billion, a deal that could help boost the U.S. jeweler’s business, which has struggled with dated collections and a retreat from Chinese shoppers in America.
“We are very excited about the recently announced transaction with LVMH and, pending the required approvals, look forward to becoming part of the LVMH family of exceptional luxury brands,” Tiffany Chief executive Officer Alessandro Bogliolo said. Tiffany’s net earnings fell to $78.4 million, or 65 cents per share, in the quarter ended Oct. 31, from $94.9 million, or 77 cents per share, a year earlier.Net sales were largely flat at $1.01 billion, while the average analyst estimate was $1.03 billion.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
China demands 'fighting spirit' from diplomats as trade war, Hong Kong protests simmerChinese diplomats have been instructed to promote Beijing's view more aggre...
Lire la suite »
Hong Kong is open to more economic support after launching its fourth stimulus package in four months, says officialThe Hong Kong government is keeping an open mind to additional measures that will help support the city's economy, said Edward Yau, Hong Kong's secretary for commerce and economic development on Thursday.
Lire la suite »
Hong Kong gives protesters green light for big march on SundayHong Kong authorities granted protesters permission to march this weekend, organ...
Lire la suite »
Hong Kong police retrieve fresh trove of petrol bombs from universityPolice in Hong Kong this week re-entered the campus of a university it besieged ...
Lire la suite »
Hong Kong November business activity shrinks the most in 21 years: PMIBusiness activity in Hong Kong contracted at the fastest pace in 21 years in Nov...
Lire la suite »
Firms move legal battles from protest-hit Hong Kong in fresh setback for businessSafety fears in Hong Kong have prompted firms to shift arbitration hearings out ...
Lire la suite »