Tiffany & Co. reports $64.6M loss in Q1

TIFFANY & CO. reported a loss of $64.6 million in the first quarter amid store shutdowns due to COVID-19. / AP FILE PHOTO/ALEX BRANDON

PROVIDENCE – Tiffany & Co. reported a loss of $64.6 million in its fiscal first quarter, ended April 30, or 53 cents per diluted share, the company said on Tuesday.

One year prior, the company logged a profit of $125.2 million, or $1.03 per diluted share.

Revenue for the quarter was $555.5 million, a 45% decline year over year.

The company attributed the downturn in sales to the impact of the COVID-19 pandemic but noted it was already seeing recovery in China. “While sales in key markets [such as] the United States and Japan were down significantly during the first quarter, our business performance in mainland China, which was the first market impacted by the virus, is indicative that a robust recovery is underway,” said Alessandro Bogliolo,  CEO of Tiffany & Co.

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The company also touted rising e-commerce sales amid store shutdowns.

Tiffany & Co. also said that its merger deal with LMVH had cleared some antitrust processes in recent weeks.

“I am confident that Tiffany’s best days remain ahead of us and I am excited we will be taking that journey with LVMH by our side,” Bogliolo added.

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