×
233
Fashion Jobs
RUDRAKSHA CERAMICS PRIVATE LIMITED
Area Sales Manager
Permanent · Pune
PUMA
Manager- Returns And Spf Operations
Permanent · Bengaluru
MARAL OVERSEAS LIMITED
General Manager _ Accounts
Permanent · Noida
RANG BANDHEJ RETAIL PVT. LTD.
Accounts Executive
Permanent · Ahmedabad
SMART CONSULTANCY SERVICES
vp/General Manager (Operations)
Permanent · Chennai
TECHNOVALUE SOLUTIONS PVT. LTD
Senior Sales Engineer / Area Sales Manager
Permanent · Baddi
TOUCH MOBILES
Wanted Area Sales Manager - Touch Mobiles
Permanent · Khammam
OAKBRIDGE PUBLISHING PVT LTD
Area Sales Manager
Permanent · Pune
AVANTOR
sr. Account Manager- Lab Products
Permanent · Kolkata
ANTLIA FINTECH PRIVATE LIMITED
Area Sales Manager
Permanent · Prayagraj
EXTRAMARKS EDUCATION
Area Sales Manager- B2B
Permanent · Hyderabad
ERA UNIVERSITY (ERA EDUCATIONAL TRUST)
Production Manager- Lucknow
Permanent · Lucknow
RENOVATE BIOLOGICALS PVT LTD
Area Sales Manager
Permanent · Hyderabad
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
sr. Area Sales Manager / Territory Sales Manager - Fmcg Personal Care
Permanent · Purulia
NASCENT INFO TECHNOLOGIES PVT. LTD.
Sales Manager(Egovernance Software Solutions)
Permanent · Ahmedabad
MOTILAL OSWAL FINANCIAL SERVICES
Opening For Territory Manager B2B Sales - Mumbai
Permanent · Navi Mumbai
FORTUNE HR SOLUTIONS
Merchandising Manager
Permanent · Chennai
NAGA LIMITED
Manager - Production
Permanent · Dindigul
UBRIGHT INTERNATIONAL CO. LTD
Senior Sales Manager 20+ Lakh p.a
Permanent · Pune
JIO
jc Home Lead - Coimbatore & Tiruppur - Sales Manager
Permanent · Tiruppur
ERIS LIFESCIENCES LIMITED
Area Business Manager (Generics)
Permanent · Ahmedabad
DIGIKREDIT FINANCE
Requirement For Sales Manager :: Ahmedabad
Permanent · Ahmedabad
By
Reuters
Published
Jan 10, 2012
Reading time
3 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Tiffany holiday sales weaken; Zale, Signet rise

By
Reuters
Published
Jan 10, 2012

Tiffany & Co sales over the holiday season weakened markedly in the United States and Europe, prompting the upscale jeweler to lower its full-year profit forecast and sending its shares down more than 10 percent in early trading.

Signet, Tiffany & Co., Zale
The Tiffany & Company store on Wall Street in New York Source: AFP

Layoffs and lower bonuses on Wall Street and in London's City as well as a growing debt crisis in the euro zone have cast a pall on high-end jewelry spending in two of Tiffany's most important markets.

At the same time, jewelers like Zale Corp and Signet Jewelers Ltd that cater more to Main Street shoppers -- which account for about 30 percent of annual jewelry sales in the United States -- fared better during the Christmas period.

Sales at Tiffany's famed flagship on Manhattan's Fifth Avenue, which accounts for about 8 percent of revenue, were down 1 percent in November and December. The decline would have been worse if not for international tourists, Tiffany said.

In Europe, sales at stores open at least a year fell 4 percent, hurt in particular by a weak British market, which is also reliant on banker bonuses.

For November and December, Tiffany's net worldwide sales rose 7 percent to $952 million, a slower pace of growth than last year's 11 percent clip. Company wide, same-store sales were up 4 percent for the period.

"It's faster than I expected," Morningstar analyst Paul Swinand said of the decline in the rate of Tiffany's growth.

WALL STREET, EUROPE WEIGH

Citing the softer sales, Tiffany said it expects to earn $3.60 to $3.65 per share for the year ending January 31, down from its earlier forecast of $3.70 to $3.80. It was the first time Tiffany cut a profit forecast since 2009, Collins Stewart said in a research note.

Tiffany got some relief in Asia, where sales excluding Japan rose 19 percent to $165 million.

In October, the New York state comptroller said Wall Street bonuses were likely to drop for a second straight year in 2011 and that there would be layoffs in the financial industry in 2012, prompting speculation that sales of luxury goods would suffer.

Tiffany CEO Michael Kowalski pointed in a statement to "restrained spending" on jewelry in the United States and Europe during the holidays.

But other luxury retailers such as Saks Inc and Nordstrom Inc reported strong holiday sales. High-end shoppers typically pull back on expensive jewelry before they start skimping on their wardrobes.

At Signet, holiday sales at its U.S. stores open at least a year rose 9.2 percent, with gains of about 10 percent at its Kay Jewelers and its higher-end Jared chain, its two largest.

Signet Jewelers said it expects to earn between $3.67 and $3.72 per share for the fiscal year ending January 31. That is below analysts' average forecast of $3.73, according to Thomson Reuters I/B/E/S. It said it expects gross profit margin to improve in fiscal 2012.

Signet, which gets 80 percent of its sales in the United States, said same-store sales rose 1.8 percent at its British chains over the holidays.

Zale Corp continued to see improvement, with same-store sales up 9 percent in the United States at its Zales and Gordon's chains. Companywide, they rose 5.9 percent.

Tiffany shares were down 10.4 percent to $59.97 in morning trading, while Signet shares were down 6.8 percent to $43.80. Tiffany shares have fallen 28 percent since hitting a yearly high in early July. Zale shares were down 7 percent.

(Reporting By Phil Wahba; Editing by John Wallace and Mark Porter)

© Thomson Reuters 2022 All rights reserved.