Tiffany sales exceed expectations in second quarter

The first portion of the year ended on a high note for Tiffany & Co In its financial results for the second quarter and first half of 2018, the company reported higher earnings and net sales, outpacing its original outlook For the second quarter, Tiffany's net earnings increased by 26 per cent, rising to $145 million from the $115 million reported the previous year.

The first half saw an even greater increase, with earnings soaring 38 per cent to $287 million Worldwide net sales rose 12 per cent and 13 per cent for the quarter and half respectively Sales growth was reported in most areas across the globe, with the most significant spike occurring in the Asia-Pacific region.

"We are pleased with our sales and earnings growth and the strength and breadth of the results in the first half of 2018, but it's worth noting strategic investment spending is increasing for the remainder of the year, as expected, which is intended to support longer-term sustainable growth," said Alessandro Bogliolo, Tiffany's CEO This investment spending targets a variety of areas, including marketing, technology, and visual merchandising "Our activities in these areas will further accelerate in the remainder of the year with special focus on product personalization, high jewellery, a whimsical holiday campaign, and the unveiling in North America of Tiffany True, an innovative diamond ring concept". Source