Globally, sales were lower than in the previous year. This affected all regions except Japan, that the management of the company connects with does not reduce the activity of both local customers and foreign tourists. The company's net profit was also less than last year - a result of lower operating margins. Nevertheless, net income generally in line with earlier announced guidance of expectations.
Global sales volume decreased by 7% to $ 891 million, while comparable store sales decreased by 9%. On a constant currency basis, which excludes the impact of foreign currency translation on sales in the US, the global sales volume decreased by 7%, while same-store sales decreased by 9% in the shops.
Net income was $ 87 million, or $ 0.69 per share, compared to net income of $ 105 million, or $ 0.81 per share, in the previous year.
"As expected, it was a difficult quarter in terms of sales and profit growth. We are faced with many challenges, including the continued pressure from foreign tourists who spend money in Europe, USA and Asia, especially in Hong Kong. Nevertheless, we continue to take actions that are designed to enhance sales growth among customers in the US and around the world. From a strategic point of view, we believe that our initiatives will enhance our ability to provide customers with products and unusual experiences and, ultimately, contribute to the improvement of financial results. We continue to focus on how to achieve a long-term sales and profit growth, "- said Frederick cumene (Frederic Cumenal), chief executive officer of Tiffany & Co.
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Lucapa Diamond Company and its joint venture partners Endiama and Rosas & Petalas sold 1,887 carats of alluvial diamonds with diamond project Lulo (Lulo) in Angola for $ 1.3 million.
The fourth sale of diamonds in 2017 made it possible to achieve an average price of stones in the $ 695 per carat.
In Lucapa statement it said that since the beginning of 2017 to date, the company managed to sell diamonds from the Lulo to $ 14.5 million at an average price per carat of $ 1747.
"Lucapa are and its partners say that the quality of special sizes of stones (weighing over 10.8 carats), included in the final sale and received mainly from the new mining unit 28 was lower than in previous tenders", - says the miner reported.
Meanwhile, Lucapa are and its partners at the end of the month are going to resume production of alluvial diamonds in areas with a high content of precious stones, as the rainy season in Angola ended.
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