Although Tiffany’s sales in mainland China showed double-digit growth, the consumption of foreign tourists declined.
In terms of product types, sales of wedding jewelry fell by 3%, designer jewelry by 8%, but sales of set jewelry rose by 2%.
Based on the above holiday sales data, Tiffany downgraded sales expectations for the entire fiscal year and now expects an annual growth rate of between 6% and 7%, compared with the previous forecast of close to 10%. The company will announce the results in March.
Bogliolo said that “external pressure” is currently expected to have a negative impact on sales in 2019, especially in the first half of the year. But the company “has a solid strategy to increase sales.” Tiffany will continue to launch new products, strengthen marketing, add stores, and improve its website.