NEW YORK, United States — Tiffany & Co. is poised to shine again after the luxury jeweller posted sales growth worldwide and especially in the Americas, its largest region.
Same-store sales, a key retail metric, climbed 4 percent in the region last quarter, which included the prime holiday season. While the measure fell short of Wall Street estimates, the stock gained 1.8 percent in early trading.
Tiffany is looking to rebound from a sales slump under new chief executive officer Alessandro Bogliolo, who was hired last July. The former Diesel and Bulgari executive was tasked with reinvigorating its jewellery lines and building buzz to attract younger shoppers. The brand drew attention over the winter with a quirky set of luxury home decor items that included $450 rulers and $300 yo-yos.
Worldwide in the fourth quarter, same-store sales rose 1 percent, when holding currency constant. Analysts estimated a gain of 2.7 percent. The New York-based company reported growth also in the Asia-Pacific region, while Europe struggled.
Tiffany shares rose as high as $104.55 in premarket trading. They had slipped 1.2 percent this year through Thursday’s close.
By Kim Bhasin; editors: Nick Turner, Jonathan Roeder and Lisa Wolfson.