Tiffany & Co narrowly missed Wall Street estimates for quarterly sales on Friday...
- Tiffany & Co narrowly missed Wall Street estimates for quarterly sales on Friday, two months after the luxury retailer signaled soft demand in the holiday season because of low spending by Chinese tourists and weakness in Europe and at home.
Weakening economic growth in China, especially against the backdrop of the trade spat between Beijing and Washington, has been a worry for luxury goods companies that rely on the country’s burgeoning middle class to boost sales. “Despite some softer top-line performance and better-than-expected cost control, we would categorize the release as generally clearing low expectations into the print, though the weaker gross margin will be a focus for us,” William Blair analyst Dylan Carden wrote in a note.
Net sales from the Americas region, which accounts for nearly half of the company’s total sales, were flat while those from the Asia-Pacific region fell 3 percent.
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