Tiffany & Co. reported that its sales for the fiscal year ended January 31, fell 3% to $ 4 billion. The company said the weak performance in all categories of jewelry and now expects a reversal of this trend in 2017, increasing the number of launches of new products.
Tiffany's net profit decreased by 4% to $ 446.1 million.
"Despite the macroeconomic and geopolitical problems in the past year, which we believe will continue in 2017, we firmly believe that Tiffany strategy is sound, and that we have substantial opportunities for growth ", - said chairman of the company Maykl Kovalski (Michael Kowalski), and now the Acting chief executive Director Tiffany.
The company's sales have decreased over the past two years, which led to the resignation of Frederick Kyumenala (Frederic Cumenal) as CEO last month.
Tiffany is trying to find a new strategy to restore growth, and one option is to increase the launch of new products, Kowalski said.
He noted that in terms of silver, gold, platinum and diamond jewelry novelty will be present, and the holiday season in November 2017 planned release of luxury accessories and jewelry collections of products are not categories.
By Tiffany projected for the current fiscal year, sales increased by a few percent. The company plans to increase the number of its global retail space at 3%, opening 11 new stores, moving nine salons and closed six boutiques. Half of the new stores will be located in the Asia-Pacific region, which is ahead of other regions of sales last year.
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