Tiffany Q2 sales remained 29% low YoY
Tiffany Reports Significant Improvement in Sales Trajectory and Profitability! Tiffany & Co reported its financial results for the three months that is 2Q & 1H ended July 31, 2020. The Company returned to profitability during the second quarter of 2020 behind meaningful sequential improvements in monthly worldwide net sales from May to July. Worldwide net sales for the quarter were 29% below the second quarter of the prior year, after having been down 45% during the three months ended April 30, 2020 (“first quarter”) as compared to the prior year, on an as reported basis, with a similar improvement on a constant-exchange-rate basis, which excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see “Non-GAAP Measures”). Worldwide net sales in the first half were 37% below the first half of the prior year. These declines, a result of the continui quarter, namely, increased sales in Mainland China and global e-com...